XBMC Edition - what to expect?

First, thanks for updating the software for what must be ancient hardware (in dog years). Appreciate it.

Purchased and downloaded the ATV Flash XBMC edition to effect a clean install of OpenELEC and the latest XBMC as the old install of XBMC on Apple TV 1 has stopped working well (Eden, so several years old at this point). Had messed around with OpenELEC before but fine-tuning eluded me and ran out of time so restored the original 3.02 software.

Downloaded the XBMC edition and installed onto an HP (!) 8.0 GB USB drive without issue. Booted the ATV with the USB drive in and got the OpenElec logo against a black background, then fade to magenta background. Got the message that volumes were created and to please ignore the error messages prior to reboot. It seems that the reboot occurs, but the HDMI output stays dark. The amber light in the front of the ATV flashes several times, then stays dark.

I can reproduce this procedure several times (restored back to 3.02 factory default to do so). Am I simply not waiting long enough?