The red light that you received may indicate that you have an E01 erorr - Error on DRAM DATA Line. I'm assuming that this possibly means that you have some type of failure in the actual motherboard of the device. It shoud show if you put it to "On" and there should be an Alert sound associated with it.
For EM Mode, you should follow these steps (this is what I did for mine which I fixed recently on a Linkstation Pro Duo):
On PC (do this first):
1.) Disable firewall
2.) Connect Linkstation either to your switch or directly to PC - make sure you are using a cross-over cable if directly.
3.) Extract the TFTP data from here: ftp://24.153.165.234/disk1/share/nas-recovery - my guess is that you have a v1 device (start with that).
4.) Download the v1 firmware so that you can update it once it's online. Have both versions handy just in case.
5.) Make sure your ip address is set to 192.168.11.1 and subnet is 255.255.255.0
6.) Start the TFTP server - it should now be waiting for requests.
On LinkStation
1.) Put the device to "On" with no power plugged in.
2.) Hold down the function button for 6 seconds with the power off.
3.) Plug in the power and continue to hold the button until the LED blinks blue constantly.
4.) Once it's blinking, let go of the function button.
5.) Wait 60 seconds, the device should start booting.
6.) An error light should occur. If it doesn't, wait 120 seconds.
7.) Red light or not - hold the function button again for 6 seconds.
8.) Go back to the PC, if the network is setup correctly you should start seeing blocks served.
9.) Once the blocks have been served, you should now be able to see the device in EM mode with the supplied nasnavi.exe from the TFTP package.
On the PC after EM mode is verified:
1.) Set the "VersionCheck" to "0".
2.) Add a new section in the ini file called "[SpecialFlags]"
3.) Add a "Debug = 1" to the ini file under Special Flags
4.) Boot the flashing application.
5.) Right click on the title-bar and select "Debug (D)"
6.) If the device has an IP address that you have already assigned (i.e. 10.0.1.197) change this to 192.168.11.101 or some ip address on the network - this should be in the bottom section of the IP address information.
7.) It should state that it changed the IP address successfully
8.) Go into the Debug menu again
9.) Make sure that "Do not update check" is checked and something like "Force Update" is checked.
10.) Apply update - it should finish successfully.
11.) Try connecting to the device with the default admin password (password) and configure as needed.
I had an E16 error - I putzed with the drive and screwed it up more, and I followed those steps and was able to recover.
YMMV.
Check out: http://forums.buffalotech.com/t5/Storage/TFTP-MODE-E06-Lost-boot-image/m-p/376#M330 as well.
- Scott