Well my X3V now has exactly the same problem as Whizgig's. When I power up, the servos move up and down, but no red light on the receiver, no binding, and no gyro response on the servos. The ESC plays out its tune.
Both switches on the transmitter were in the correct position when powered on.
It worked fine yesterday.
What is the small button at the end of the receiver? Is it a reset button?
To say that I'm disappointed would be an understatement.