Sounds like the hard reset failed. If it works, the passwords are cleared (along with all other config settings) and you're prompted to pick new admin/viewing passwords when you run the Setup Assistant.
I'd say try again with the reset. Poke and hold the reset button until the lights blink. Keep holding. The lights will blink fast, then slow. Let go when you get to slow blinking. From there, it takes about 30 seconds for the Slingbog to restart. You do not need to hold the button for ages, just through the light sequence I mentioned.
Once you get a solid power and network light, try going in with Setup Assistant. It should ask you to assign new passwords.
If that doesn't work, you may have a hardware failure.