OK, that sounds like it could be useful, but what is the flash wizard? Is that an app that runs on the PC?

OK, did a bit of searching and that sounds like the Nokia Internet Tablet Software Update Wizard. However, I tried searching on the Nokia site and although they talk about using it, there doesn't appear to be a download link for it.

OK - for others with this problem you won't find a link for download on the US Nokia site, but you will find it here...

http://europe.nokia.com/A4144790

OK, finally tried the whole experiment.

The Nokia logo and the USB symbol came up when I held the home key and connected power, I was able to remove the power cable and the unit still stayed on. However, there was no way of getting past the Nokia & USB page at all. Hitting the power key while in this mode did nothing, and about 5-10 seconds after disconnecting the USB cable the 770 shut down again.