If you have the recent official raspbian image, or have updated your firmware since that was released, then the Pi supports a "safe mode".
You need to add a jumper between pins 5&6 of P1.

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This results in config.txt being ignored (except for avoid_safe_mode). A default cmdline.txt is applied, and kernel_emergency.img is loaded (if not available, then just kernel.img).
It provides a means of recovering from, e.g.
* too high an overclock
* a typo in cmdline.txt
* an incorrect kernel=<filename> parameter
* an invalid display mode
without requiring a PC.
(Obviously it won't help if you've deleted start.elf...)
The busybox based kernel_emergency.img has /boot mounted, and vi installed so you can fix up config.txt or cmdline.txt.
(You can also mount /dev/mmcblk0p2 and fix up the rootfs if you have problems there that stop you booting).
Be very careful with where you insert the jumper. Some pins carry power, so shorting those would not be a good idea. Third row from the end.