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hi syuchan,
it seems you mixed 2 different mode.
"press & hold RECOVERY key when reset/power-on" is "loader mode". it is used for flashing firmware from PC. (btw flashing firmware will erase data as like as factory reset)
"recovery mode" / "recovery program" is self factory-reset/update program flashed on Firefly board. you can start factory-reset by recovery program by "settings -> backup & reset" on Android. in this case you can see droid picture on TV.
just FYI.
EDIT: "loader mode" should run even if Android cannot boot anymore. if you cannot go into "loader mode", see debug uart output as zhansb said... | 
