This happened to me today.. I got around 8 messages via internet server together and then the messaging server should initialising only... then I tried resetting the phone in no sim mode. (Witout sim type *2767*3855#) this made my phone to default settings and all the messages stored in folders got deleted.. There were few memories in that .. then I tried opening mesages with the sim.. but still it showed same initialising.. then I inserted another service provider sim.. it worked .. the message box opened.. then I inserted that sim card (The one which was showing the error) in a very old handset (Nokia butterfly modle colourless one) then I deleted messages from that sim and I again restored it in the corby and that worked.. This just happened to erase those messages which I stored and saved them for memories.. It just seams god deleted them... Sad.. but this worked.. at cost of something.
i seem to be facing the same problem.. I had kept the phone in my bag... took it out, and it was swithced off.. swithced it on, and the sms app does not open.. the initiliasing screen comes and vanishes.. tried everything arun has tried.. guys, have u found a way out of this so far? too bad its Id and then weekend, all service centres might be closed..