I have heard that many people have had this problem. The quad blinks orange repeatedly and the controller will not connect to it.

Have you hooked it up to the naza assistant software at all

Sounds like you need to re-bind the Phantom to your controller.  Then you should calibrate the compass for good measure before you fly.
Thought I'd throw in this LED guide too...

I've heard of this one.
The controller is not transmitting.   The Phantom is correctly indicating there is no signal from the controller.
Open the controller and look inside for a loose connection.

(unless of course Gil's post does the trick.   In that case...never mind.)   

Actually have the same issue. Tested the go home failsafe by turning the controller off and now the controller will not reconnect to dji. Its stuck in failsafe mode. here is the link to my post of all the things ive tried including checking the controller for loose connections. im debating on buying a new receiver

http://forum.dji.com/thread-38074-1-1.html

That's a good data sheet to have Gil