I'm not 100% positive, but it sounds to me like you "bricked" your Ipaq. (You know, turned your unit into a brick, or a paper-weight).
I've read quite a bit on various sites about flashing problems rendering the unit useless, which is why they sprinkle the site with "at your own risk" disclaimers.
However, I remember reading somewhere that since the projects at handhelds.org is sponsored by Compaq (or now HP-Compaq) that they will assist in restoring units that were killed during a flash. I guess it never hurts to ask.