Thanks to all who have posted here. I had the exact same problem with my M2010 and solved it following the advice on this board. Below is the history of my experience.
I ordered this XPS M2010 new from Dell in Dec. 2006 (39 months ago). (BTW, the service tag and express service code were inside the battery compartment even though I bought this new from Dell). It's a great computer when it works. I love the 20" screen, full-sized detachable keyboard and bluetooth mouse, and no wires.
The first time I got the black screen of death was during the 3 year warranty period, about 18 months in. After going through the diagnosis over the phone, Dell dispatched a tech with a new motherboard. He installed that, and there was no change in response. Computer was still dead. Tech said Dell has a lot of DOA motherboards, so that was probably why the fix didn't work. He came back two days later with another motherboard, a video card and a new monitor. I suggested trying just the video card, but he said it could damage a new video card if he connected it to a bad motherboard. So he replaced the motherboard first. Still dead. Then he replaced the video card, and the computer was working again. He offered to swap out the monitor too, since Dell had sent one, but I couldn't see the point.
The computer worked fine until Dec. when the DVD drive died. It refused to open with a DVD stuck inside. Dell sent out another tech, he replaced the drive, and everything seemed good again. I didn't renew the warranty, because with a new motherboard, video card and DVD drive I figured nothing else could go wrong. (I hadn't read this board).
This month (March 2010) I got the black screen of death. Same symptoms everyone else has already reported. No boot sequence. Only power and bluetooth lights are on. Diagnostic lights don't work unless you do something like removing the memory (and then they report "no memory"). Since I was now out of warranty, I paid Dell $49 for phone support. Tech walked me through all of their tests, and then said I needed a new motherboard. Refurbished ones are running about $500; same as a decent desktop computer. I didn't really want to pay that much. Based on my previous experience, I wasn't sure I needed a new motherboard, or that a new one would fix the problem. That's when I started searching the internet and found this board. I thought about buying a used/refurbished video card, but then decided they were probably no more reliable than the one I had. So I went to Radio Shack and bought a tube of Arctic Silver 5 ($10). I took out my video card, and undid the screws A, B, C and D. The card was still stuck to the heat sink like they were glued together. I used a blow drier to warm them up a bit, and then I could pry them apart (significant force). The previous thermal joint compound was grayish, and quite hard/brittle. Radio Shack Precision Electronics Cleaner dissolves that stuff immediately. Wiped it off so it was nice and clean. Let it dry. Put on a thin layer of Arctic Silver 5, and reassembled, tightening A, B, C and D all the way. Put the video card back in and tried to reboot. Nothing. Left the computer "on" for an hour or so to see if warming it up would help. Next reboot the screen came to life, but the boot sequence got stuck at part way through the Dell bios screen. Waited about 10 minutes, and then tried to reboot again. Windows XP came up running just fine! Hallelujah!
Next morning computer was locked up. I rebooted and it came back up just fine. After 30 minutes or so it locked up again. Rebooted again, and had black screen of death symptoms again. I hadn't screwed the cover plates back on yet, so I opened the hood and loosened the A, B, C and D screws just a bit (maybe 1/8 of a turn). Rebooted, and everything came back up. 3 hours now and no more problems. (I'm typing this from it).
Dell solution: replace motherboard $500
Dell second guess: replace motherboard $500 and video card $250 = $750
Better solution: replace video card only $250
Advice from this board: replace thermal joint compound and adjust screws $10
Thanks to everyone who saved me $740 and more importantly got my computer working again in 1 day.
Now I need to contact Dell and point out that this is a known problem (as evidenced by this board), and that they gave me the wrong solution (for which they charged me $49). At least I didn't listen to them!
BTW, every time Dell has opened my computer (3 times so far) they lose 1 or 2 screws (and they never have spares). I completed the repairs without losing any screws. Now I just need to get some spare screws to make up for Dell's help.
Thanks everyone!
Chuck