Bit of long shot! But I inherited Fabio's unit, and managed to get it out of brickworld.
Here's what I did: I updated the firmware to the latest version, which lead to no visible effect. The Wizard seemed to still be bricked, with the red LED and all. For some reason, despite the error message displayed on RebelTech's website regarding the Wizard's state, I was able to load another patch from the library using Chrome, and it was working. When I power cycled the Wizard, I got the infamous red LED again; I then loaded the same patch and stored it in slot 1.
Now, I can turn the Wizard off and of again, and the patch from slot 1 is loaded by default. I stored another patch in slot 2, and I can confirm that all is well now.
I hope this could help other users!