I am having the same issue. It was sluggish this evening, so I rebooted an hour ago. It has been stuck on the init screen each time I've tried. On a typical day, this is a 5 minute process with success.
Normally, I am "4" or less in the telus chat queue. Tonight, I am "164" so it must be a widespread issue.
@Breadfan a RED X on the screen is usually a bad thing. A hard reset is the last thing you should try. RED X usually means the box is dead. If there's a connectivity issue and a reboot doesn't help, call support before hard resetting the box. It'll save you a tech visit. There is a tiny chance that if the reset safely timed out that a reboot once the connection issue is fix, might allow it to complete the reset.