didn't work:

Microsoft Windows [Version 6.1.7601]
Copyright (c) 2009 Microsoft Corporation. All rights reserved.

C:\Windows\system32>cd /d "C:\Program Files\Nokia\Flasher"

C:\Program Files\Nokia\Flasher>flasher -i
flasher 3.12.1 (Oct 6 2011) Harmattan
WARNING: This tool is intended for professional use only. Using it may result
in permanently damaging your device or losing the warranty.

Suitable USB interface (bootloader/phonet) not found, waiting...
Found device RM-696, hardware revision 1603
NOLO version 2.3.6
Version of 'sw-release': DFL61_HARMATTAN_40.2012.21-3.340.04.1_PR_340
Success

C:\Program Files\Nokia\Flasher>flasher -f -F main.bin -F emmc.bin --no-preserve
flasher 3.12.1 (Oct 6 2011) Harmattan
Warning: --no-preserve is not recommended, instead use erase commands
WARNING: This tool is intended for professional use only. Using it may result
in permanently damaging your device or losing the warranty.

Found device RM-696, hardware revision 1603
NOLO version 2.3.6
Version of 'sw-release': DFL61_HARMATTAN_40.2012.21-3.340.04.1_PR_340
Sending ape-algo image (7103 kB)...
100% (7103 of 7103 kB, avg. 20891 kB/s)
Suitable USB interface (phonet) not found, waiting...
Ping attempt 1 (250 ms)
Server application: 1.7.2
Found product RM-696 rev. 1603
Server implements softupd protocol version 1.8
Image SW version DFL61_HARMATTAN_40.2012.21-3.340.04.1_PR_340
Image moslo not present
Image tar skipped
Image config skipped

Battery level 91 %, continuing.

image [state progress transfer flash speed]
---------------------------------------------------------------------
[x] cert-sw [finished 100 % 1 / 1 kB NA ]
[_] cmt-2nd [finished 100 % 95 / 95 kB NA ]
[ ] cmt-algo [pending 0 % 0 / 0 kB NA ]
[ ] cmt-mcusw [pending 0 % 0 / 0 kB NA ]
[x] xloader [finished 100 % 23 / 23 kB NA ]
[x] secondary [finished 100 % 94 / 94 kB NA ]
[_] kernel [writing 37 % 2048 / 2714 kB 3508 kB/s]
[_] rootfs [writing 0 % 2048 / 1170038 kB NA ]
[ ] mmc [pending 0 % 0 / 0 kB NA ]
ERROR: SU_GET_UPDATE_STATUS_REQ terminated with error code 1: Unknown error

image [state progress transfer flash speed]
---------------------------------------------------------------------
[x] cert-sw [finished 100 % 1 / 1 kB NA ]
[x] cmt-2nd [finished 100 % 95 / 95 kB NA ]
[x] cmt-algo [finished 100 % 789 / 789 kB NA ]
[x] cmt-mcusw [finished 100 % 6050 / 6050 kB 3465 kB/s]
[x] xloader [finished 100 % 23 / 23 kB NA ]
[x] secondary [finished 100 % 94 / 94 kB NA ]
[x] kernel [finished 100 % 2714 / 2714 kB 2626 kB/s]
[f] rootfs [writing 0 % 4096 / 1170038 kB NA ]
[-] mmc [pending 0 % 0 / 0 kB NA ]
Fetching error list:
========================================
bb5_rdc_cert_read failed
bb5_rdc_cert_read failed
bb5_rdc_cert_read failed
bb5_rdc_cert_read failed
bb5_rdc_cert_read failed
bb5_rdc_cert_read failed
mmc: handle_buffer failed in lzo decompress (-1)
[Pipe 5] Finishing in error state with status 1
========================================

ERROR: Failed to flash images

C:\Program Files\Nokia\Flasher>