• The following makes it work

    esptool.py --port /dev/tty.wchusbserialfd12240  write_flash -fs 4MB-c1 -fm dio 0x0 espruino_2v04_esp8266_4mb_combined_4096.­bin
    

    As I suspected in the http://forum.espruino.com/comments/15179­132 it meant that the firmware was actually fine. Just connecting to it has to have the XON/XOFF flow control turned off. I did not even realize something like this was even added and turned on by-default.

    So the following allows me to connect:

    espruino --config SERIAL_FLOW_CONTROL=false --no-ble -b 115200
    

    Thanks for all your hints @MaBe

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