Talonman,
The error message you are seeing is NOT a BS message.
I often get that message when I'm pushing a new overclock of the CPU or memory that isn't stable.
Seems like the four levels of stability are:
1. POSTing
2. Passing Boot Manager
3. Completely loading OS
4. Stability testing with OCCT/prime95.
When I've had the boot manager failure, as you have, I might make a tweak to get into the OS, but then the PC would BSOD or not be stable.
About the USB thing, I've had my Formula hang on POST in the initializing USB portion of the process. In my limited experience, that was an issue of too little CPU volts on an extreme overclock (4GHz).
I don't know what you CPU volts are, but you might considering increasing that.