@afteris, @doonit: Just one thing to try out if you got flat batteries. Try just to load the kernel image to boot from ram (like when having meego on a sd card for tryout):
flasher-3.5 -l -k <kernel>
(same procedure otherwise), see if it boots the kernel that you provide.
Just an idea, maybe you can do the same with the fiasco image, like:

flasher-3.5 -l -k <kernel> -F <image>