Alright. First I've checked if the firmware signature check works properly. Changed SIG_7D_203 to some other value => camera refused to boot with ML, it simply locked up. Took battery out, took card out, put battery back in, camera alive.
This is good - ML refuses to boot on a wrong firmware version.
I don't think the build version is relevant, because the latest changes were minor. So, went back to stock ML (compiled from unified), added 7D000205.FIR (from Canon Europe) and started into ML. Loaded some modules, all fine.
Then I went to Firmware Update (while ML was loaded) and updated from 203 to 205. Battery was around 60%, and the process took about 3 minutes.
Of course, after the process finished, I clicked OK, and the camera turned off right away. It could not boot any more, because ML found a different firmware version and went into an infinite loop (since there's not much else to do if you know nothing about the hardware you are running on).
Removed card, removed battery, put battery back, camera started and asked for date/time. Hit OK, it was up and running (of course, saying "no card").
Back to 2.0.3, ML up and running again.
So, the firmware checksum is working, and I don't know how to reproduce the problem. I can try to fix the LED blinking though.