I've tried different CD drives, and tested the media on different hardware. It booted up fine on other hardware, and different drives didn't solve the problem. (I've also tried this while disconnecting other drives in the system.) Based on this, it seems like the problem is with the Intel Z77 chipset.
I'm trying to track down a serial port header so I can get console output. Are there any magic keystrokes or boot parameters to have this show up on the display? As a side note, hitting Shift+0 doesn't seem to allow changing boot options, it only resets the boot timer.
-Paul