iLO3 on a DL380 G7 was pretty jacked up, fortunately it can be reset via the command line:
(via Reset HP ILO Via the Command Line)
</>hpiLO-> cd /map1
status=0
status_tag=COMMAND COMPLETED
Tue Nov 6 03:25:05 2012
/map1
</map1>hpiLO-> reset
status=0
status_tag=COMMAND COMPLETED
Tue Nov 6 03:25:10 2012
Resetting iLO.
CLI session stopped
Glad to know this operation still works on an ILO3.