I received my PS4 from Amazon yesterday and had to send it back yesterday. I got the ebbing blue light of overwhelming doom (eblood) ;-P
Needless to say, I was very disappointed. In any case, I tried SEVEN different HDMI ports, and NINE different HDMI cables, some of which are the "premium" monster brand. I tried resetting the system as others have instructed. No dice.
The shit of it is there's no stock for an exchange. My only recourse is a refund, which is perfectly fine, as this defective unit helped me see the light: I should just enjoy what I have now and wait until the PS4 has a decent economy of games before I take the plunge. I'll do the same with the One.
For those who've yet to take the plunge into next-gen and don't have a 780Ti-equipped Ferrari PC, the Wii U is a real treat right about now. NSMBU, Luigi U, Pikmin 3 (I have actually invested 200 hours into the mission modes), Wonderful 101, Wind Waker HD, Nintendo Land, a unique take on Rayman Legends, and Super Mario 3D World make it the best console to get--if you're into Nintendo, that is.