I have tried installing Alpha4 onto my RPi2 using the OSMC-Installer both on Windows and Ubuntu, and separately using Win32DiskImager.
Each time I get the rainbow pattern, missing device node at CPU 0-4 and it sits at 0% - “just a moment” for ages (at least 5 minutes) before erroring out with “install failed: could not mount bootfs”.
I am trying to install it to a 4gb microSD card.
I installed Raspbian onto the same microSD card absolutely fine, so I don’t think I’ve got a duff microSD card.
I don’t want to try OpenElec as I’ve been using RaspBMC since it started, but I would like to play with my new toy.
I used a different microSD card (Transcend 4GB Class 6, instead of Class 2), used the image provided above, and a different power adapter… and it all worked.
I did notice that the power adapter that I had used originally (and I have gone back to), do cause the rainbow image to appear in the top right corner.
However, OpenElec and Raspbian both installed fine with that power supply and SD card.
I am just happy it is working now, so I’m not going to investigate further.