I bricked my e250 earlier today by doing a firmware update (using the SanDisk auto updater), but managed to fix it.
Here's what I did:
1) download the base firmware from
http://www.sandisk.com/Assets/File/Downloads/firmware/e200fw01.00.12.exe, unplug the USB cable from the player & turn it off
3) enable Hold (move it towards the audio jack)
4) press the power button while holding the REC button on the left side of the player. Let go once you see the text "Welcome to Recovery Mode"
5) Plug in the USB cable
6) Start the EXE you downloaded earlier and press Next. When upgrading, it'll ask you if you want to reformat. I did.
7) Once it's done (on your PC), disable Hold and unplug the USB cable.

Let it restart and enjoy
Additional: if the firmware downgrade using the exe doesn't work (it didn't for me, said it's unable to read the version file), then after entering Recovery Mode,
go to My Computer and find look for a drive named 16MB-FORMAT.
1) Backup the Version.txt file and delete it from the player.
2) Steps 6-8 above
It seems to write the original bootloader too. The Recovery Mode text says so. PS, the firmware for the e200 series is also the same, so this'll work for any e200 player, but don't use it on the Rhapsody versions.