I have had the same trouble.
This is what fixed mine (WAP54G V.2)
With the unit powered up and stable:
1. Hold the reset button down until the Link light (yellow) goes out.
The Activity light (green) will go out about one-two seconds after the Link light.
Keep holding the reset button in until the Link light comes back on and the Activity light is also on again.
2. Remove the power for a few seconds.
3. Power the unit up and wait form the Link and Activity lights to stablize and try to run the wizard. I have tried the wizard from the download site and it didn't work. The one on the CD that came with the units does. If you want a copy of it let me know. Remember it is for the V.2 versions.
By the way. The default IP address for these units is 192.168.1.245
NOT 192.168.1.254. Note: it ends in 245 (TWO FOUR FIVE) not 254.
Just another update:
Even if the wizard doesn't work. I have been able to get into the HTML config utility. Username (blank), Password admin.
Cheers,
Chris

Message Edited by Renaissance on 02-22-200703:44 AM