Stupid question, but do you get sound? Could be that something got jacked up in the HD settings depending if you use HDMI or not. Someone with a PS3 in the gamers forum here had the same issue yesterday.
If you have sound, it may be possible that you can reset the thing and get video back into factory mode.
Also, you can always force RRoD as long as you are still under warranty. I think people do so by covering the xbox in a big towel or something.. I would post a link, but can't get on gaming sites here at work.
Either way it makes the box overheat, shows the 3 red lights, then you don't have to worry about being rejected. But I have heard if you go online and check RRoD (as other have suggested) that MS doesn't even verify it when they receive the box for repair.
Imagine if I had to console, the family of those slayed, I slain on game consoles...
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