Did you follow a guide like this one and adjust the ROM version to match the one your phone needs:
I had both the spinning cogs and the Nokia logo at different times during all the attempts to reset my phone after it bricked during a hard reset. Depending on how and when I pushed the buttons, one or the other would result. I forget exactly how though.
In any case, once I decided to flash with the Nokia tools, it worked perfectly, pretty much as the guy describes in the description below the video.
I'm a bit mad that Nokia has cut off access to Navifirm though. Going to be even madder if the phone bricks again on the next update or reset and I have to send away!