Ranaali,
No luck for me. I tried something everywhere, but had no luck. I live in Pakistan, so there was no one (that I could find, at least) who could flush the firmware and install an update.
However, I have a feeling that my problem was a little more complicated. I found afterwards that I had introduced an external TV tuner into my system (a REALLY cheap device) that was shooting out a bit of voltage in the video outs. This out was going directly into the projector, so I wouldn't be surprised if it actually fried something on the mother board of the panny.
So in short, I think it's worth a shot if you can get the firmware upgraded. Otherwise, time to scrap it.

Good luck to you,
Fauzi