>esptool.py --port COM7 write_flash 0x000000 boot_v1.5.bin 0x001000 512+512/user1.1024.new.2.bin 0x0fc000 esp_init_data_default.bin 0x07e000 blank.bin 0x0fe000 blank.bin
esptool.py v2.0-beta2
Connecting....
Detecting chip type... ESP8266
Uploading stub...
Running stub...
Stub running...
Attaching SPI flash...
Configuring flash size...
Auto-detected Flash size: 1MB
Flash params set to 0x0020
Compressed 3232 bytes to 2336...
Wrote 3232 bytes (2336 compressed) at 0x00000000 in 0.2 seconds (effective 123.1 kbit/s)...
Hash of data verified.
Compressed 399204 bytes to 286943...
Wrote 399204 bytes (286943 compressed) at 0x00001000 in 25.4 seconds (effective 125.7 kbit/s)...
Hash of data verified.
Compressed 128 bytes to 77...
Wrote 128 bytes (77 compressed) at 0x000fc000 in 0.0 seconds (effective 88.6 kbit/s)...
Hash of data verified.
Compressed 4096 bytes to 26...
Wrote 4096 bytes (26 compressed) at 0x0007e000 in 0.0 seconds (effective 4433.5 kbit/s)...
Hash of data verified.
Compressed 4096 bytes to 26...
Wrote 4096 bytes (26 compressed) at 0x000fe000 in 0.0 seconds (effective 4541.6 kbit/s)...
Hash of data verified.

And this is the serial output on a reset @74880 after the flashing
==================================================================

 ets Jan  8 2013,rst cause:2, boot mode:(3,6)

load 0x40100000, len 1856, room 16 
tail 0
chksum 0x63
load 0x3ffe8000, len 776, room 8 
tail 0
chksum 0x02
load 0x3ffe8310, len 552, room 8 
tail 0
chksum 0x79
csum 0x79

2nd boot version : 1.5
  SPI Speed      : 40MHz
  SPI Mode       : QIO
  SPI Flash Size & Map: 8Mbit(512KB+512KB)
jump to run user1 @ 1000