This suggestion is good but didn't work for my PB pro 17" which displayed the same symptoms.
Resetting PRAM and PMU had no effect, either. Couldn't get at a log.
It would not boot the Hardware test. Here is my workaround: I started the PB in terminal mode and tethered it to an older laptop. I crossed my fingers and ran the previous version (OS X - 10.4) of Disk Utilitiy > Disk repair. Magically, under the old routine, the plaid screen gradually erased itself (I had feared a video card or motherboard issue).
Mac hardware seems to be so reliable that my 2 previous laptops are still fully functional. I use one for travel and the other for backup and/or guests at home. I also use Time Machine so that events like this one no longer throw me into a panic. I was kinda looking forward to having an excuse to buy a newer model, yet I'm relieved that it won't be necessary now! I hope this experience is helpful to others.