Unfortunately, nothing will happen as long as the Time Capsule is stuck in start up mode. Solid amber is usually caused by one of two things: hard drive failure or power supply issues.
Try powering off the Time Capsule for at least 30 minutes
Hold in the reset button first, and keep holding it in for an additional 9-10 seconds while you simultaneously plug the power back in to the Time Capsule
Release the reset button after the hold period and give the Time Capsule a full minute to restart
You want to see a blinking amber light at this point since you cannot continue otherwise
If you try the full Factory Default Reset a few times without success, take the Time Capsule to an Apple Store to let them have a look....if you have one in your area......or contact Apple Support at http://www.apple.com/support/contact/ to go over your options.