I have the same problem with my plug as well, though I'm only getting the top green LED to blink every second, rather than both the LED and ETH lights. It does look like one of the caps has bulged on mine. The first pic is in the same orientation for comparison to recursix's pic, and the second is a side-on view of the capacitor with the bulge.
It definitely seems like the power supply is the culprit. It also seems like it's something that could be easily swapped out if GlobalScale was willing to sell that component. Granted, a failed cap in a power supply should probably be covered by a warranty under a year -- this 30 day warranty is quite bogus. Then again, I just want to get my plug back up and running ASAP.
Any thoughts on whether to approach GlobalScale (even though recursix has not had much luck) or is there possibly another solution available keeping in mind that I'm not skilled in soldering and don't particularly have a death wish?