If the green stay solid and amber flashes every once in awhile that should be correct. Both being solid means it is armed. If you have a USB ethernet or WiFi adapter you should be able to ssh to 10.0.0.1 using erle/holaerle from a computer connected to the erle-copter hotspot. Your computer should get an IP of 10.0.0.2. You can ssh using terminal on Mac (ssh firstname.lastname@example.org) or using Putty on Windows where it will prompt you for the username if you enter 10.0.0.1 as the server to connect to.
If you can do this and the connection is stable and doesn't disconnect you that should prove that the binary is loading correctly and not restarting repeatedly.