I have one of these myself, it still works as of today, but I lost the remote lol.
Well any way, sounds like a blown fuse, since the power led is supposed to be on when the TV is plugged in.
If you have the courage to take apart the TV, you should beable to see where the fuse is located. Find a replacement or bypass it (not recommended though, since its not safe if what caused the fuse to blow happens again). But returning it may be the easiest way to fix the problem.
Spenser, February 2007