Just recieved my V2 unit and have some issues.
Led status at startup is as expected from manual.
Red + Green steady.
Green flashing firmware, then booting starts.
After a while (when green flashes 10 times).
I get a double red blink, followed by a reset (both leds on then sequence repeat).
After restart the blue d2 led gets to life, first blinking fast, then 1 blink every 5 seconds (I guess this means it has a carrier?).
However the cycle with double red, then reset continues forever.
I found out that the module worked just fine when connected to a serialport.
I guesed that maybe the TX or RX pin was floating, added a 10k resistor between serial pin 3 and gnd, and voila, it now works.