I found Kamikaze 7.0.9 (and possibly earlier) won't boot on a WL-500gPv2. I had the same issue, I reckon I tried every released version of Kamikaze and White Russian. Nothing worked. I finally managed to get hold of a USB serial adapter, and connected the console - I found the router was flashing just fine (only takes less than a minute after the tftp completes) but was simply hanging at boot.
As per the wiki, you need to apply various patches to get it to boot, and more if you want USB to work. (Aside: my great thanks go to MilesBintz for writing up the instructions in the wiki, and sbrown for creating the patches!)
I successfully built a 2.6 image from a recent SVN checkout, r12863,(some modules/packages failed to build, e.g. rt2x00, and couldn't be deselected in 'make menuconfig', so I had to manually fiddle with the .config). I've uploaded my image and packages here:
openwrt-brcm47xx-squashfs.trx
packages.tar
NOTE: this image was built per the wiki, but does not have the USB patches applied. And as you hopefully are aware, there is (and probably will never be due to closed nature of the Broadcom wifi?) no wireless support for the v2.
The box seems stable thus far - I ran openvpn --test-crypto in a loop for a few hours "burnin", and it has been up as my home gateway for almost a week without incident.
BTW FrekoDing: the v1 and v2 devices are quite different, they really should have different model names.
(Last edited by af3556 on 9 Oct 2008, 23:14)