I'll just post this here since I started this thread and I don't want this to get lost in the other 2 or 3 others out there. I haven't heard anyone have this specific problem, so I feel its justified being in its own thread.
Basically, the phone is stuck in a loop on the update screen (the one with the green arrows). It sits on this screen for around 30 seconds and then turns off, and then back on and back to the update screen. It has been doing this for over 3 hours now. I have tried pulling the battery and doing a hard reset on the phone (hold volume down and power button), but nothing gets it off this screen and out of this loop.
I spoke with sprint customer service, tech support, and advanced tech support and the final conclusion was to try to return it to where we bought it for an exchange. Problem is, no one has them in stock. Calling the RS I purchased it from right now...and they are out of stock. Currently holding to speak with a manager.