I've got the same problem on a de-branded, unlocked Orange Desire. Have tried factory reset and just leaving the battery out for a while but it's goosed.
Occasionally it has come up to the home page but it says the SIM is locked. Now it's not getting that far and gets stuck on 'Unlocking your SIM card and setting up your phone...' followed by a 'Force Close' message. If I leave it alone it just continually reboots every few minutes.
Have you had any success with yours pspbricker?