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Hold down the power button until your Nexus 7 reboots, it should take 45 to 60 seconds and your tablet should perform a reset.
Can you boot it into the bootloader?Volume up + volume down + Power, should boot into the bootloader , use the volume key to select restart, off or recovery.If you can get it into recovery you can perform a "Factory data reset", this will wipe the whole of you N7 including internal user memory but at least it might fix the problem.Failing that either return to Google or flash a factory image with WugFresh's Root Toolkit, it's pretty easy to do and if you want help I'm happy to talk you through it.Good luck!
I agree but what's Googles turn around and are they still putting on hold on credit cards for the cost of a replacement until the faulty unit is returned?Flashing a factory image is relatively easy with a little knowledge, I'm happy to do a "how to" Prime?