Oh sure, but it's not easy for a newbee.

I have try to enable jffs2 and clead jff2 -> asus all led blink at interval of 60sec

I have recovery with :
1. pull power cable and wait 20 seconds
2. keep button pressed and connect power cable: power led should flash
3. ping 192.168.1.1 should reply else redo steps 1 and 2
4. run Asus Firmware restoration tool, select firmware file (e.g. WL500gx_1.9.5.0_EN.trx)
ouf, I love this router for use the 2 USB application.
strange feedback : asus wl500gd & wrt54gs with emule.
wrt download 24h/24h with 100-200kb on emule ( 10-20 files)
asus 24h/24h download with 30-100kb on emule but not more files (5-10 files)
But it's good, i have a usr8054 who disconnect from ISP when emule start
This is my newbee contribution...next step, use openwrt and of course linux shell command
