What do you mean by the ‘no IP message’? Does it say it got an IP and then immediately lost it, or something else?
If it’s not getting an IP address at all and sitting forever, it sounds like eth0 or eth0:0 through eth0:3 aren’t setup right. Can you access the diagnotics menu and reset it to defaults? Does it have a JTAG on it so you can step through netosStartup to get addtional clues? Otherwise you could try using the back door recovery option (assuming it’s in your boot loader) by shoring pins 18 and 20 to ground, and then loading in a default FTP Server App via Xmodem or TFTP (http://www.digi.com/support/kbase/kbaseresultdetl.jsp?id=843) to see if you can recover it.
Recently had a similar problem which turned out to be an error in setting certain flags related to enabling static IP address and DHCP.
We always configure ME with a fixed IP on initial factory-fresh startup, and this uses whatever dialog and software version Digi supply - at least until recently it was 6.3 or so.
There was an update in IAM within the 7.4.2 release which I think modified the control structure. In consequence certain flags weren’t set in the factory-loaded setup dialog.
We had some lockup problems similar to this when a customer switched from static address to DHCP, which I suspect were down to this change of control block structure resulting in DHCP not being enabled during the switch from a static address.
Digi are aware of this problem, and from the comments it looks as if a patch of a week or so ago fixes the problem, although not tested it yet.