Good timing on this. We had a power outage last week and I got the continually flashing blinking light again. My plug it in and wait for a few hours didn't fix the issue this time. I unplugged the tivo from the wall,took off the cover, and took it to the bathroom since we don't have any standalone hair dryers. The 4 RAM chips are almost next to the hard drive. They're maybe 1/2 inch by an inch. I wish I would have taken a picture. I turned the hair dryer on high and kept it about 6 inches from the chips. I just went back and forth across all the chips for about 30 seconds. Took the tivo back to the living room, put the cover back on and plugged it back in. Came right back up and has been running for over 2 days now. Everything appears to be working as expected. Hope that helps.
Here's a link to a picture. They are almost centered on the motherboard near the bottom of the hard drive.