I have a 2011 Macbook Air (a1370) that was stuck on the boot screen with the spinning wheel.
I booted into internet recovery and from Disk Utility wiped the SSD clean. When I then tried to reinstall Lion through recovery, I kept getting the error "Can't download the additional components needed to install Mac OS X." Avoiding this error, I made an install USB with TransMac and attempted to boot from that, but there are no drives listed, including the internal SSD.
I have tried to reset NVRAM but that did not work. My USB drive is converted to GPT and I have tried different OSX versions. I'm not really sure what to do from here.
Weird time estimate
Install USB partition
No bootable partitions