I get exactly as you describe on mine also, thought I had done something wrong but I tried it twice.
I really appreciate what everyone is doing.
Guys i'm not psychic. Things I need to know from people having issues getting it to work.
*Make and model of your SD card.
*Partition format FAT32 / FAT16.
*How you made the card i.e. card tricks.
*Is it bootable, have you been able to confirm it.
*The size of the SD card and how many partitions have been created on it.
*Have you used CHDK before.