That sounds familiar. Same thing happened to me on my 05 R700. Turns out a chain pin sheared off causing the chain to get jammed in the deraileur. The deraileur then proceeded to insert itself into the rear wheel. Nasty. The bike was less than 2 weeks old.
Not to get your hopes up, but my LBS was unsympathetic. After spending well over $5k there in one year, the only thing they could say was "it will be $150 to replace the deraileur and $400 for a new set of wheels." Hope yours is better. I no longer patronize that LBS by the way.