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I had this exact problem when I flashed CM7. This was because i hadnt flashed it properly. Have you followed the instructions step by step? Also what instructions are you following for CM7 (website)?
I have had the same problem i have flashed cm7 properly but now it will not return to my backed up stock firmware. It does the exact same thing, it stops at the GT-I5500 logo and does not come off it.
but i am assuming you haven't found a cure yet?at least im not alone lolbut i am assuming you haven't found a cure yet?
I think I have all the orginial firmware on my pc at home. I will have a look and if I have any success I can email it to you guys.
