I think this may have happened to my MacBook Air 62 GB (Summer 2012). One day I booted up and nothing happened, just had a blank screen that never went away. I tried to use the internet restore and it couldn't find a drive. I then USB booted to Ubuntu and looked for the drive, but no drives were there. Does this sound like the drive failure they're talking about? It happened a month ago and I haven't touched it since…
Second visit ended up replacing the hdd with a new one. Just did this update and my Mac isn't doing so well. user land can't load. Beware.
EDIT: Eventually it came to life, my model is TS064E which is apparently one of the effected models, so it looks like a third Genius appointment for me.