I've done some googling and found an interesting variant of reviving a dead board.
OpenOCD(free) software can be used with simple JTAG cables(Wiggler for example).
So if somebody can provide code with instructions for initializing RAM and a modified u-boot image to load to RAM than the recovery process will be very easy - just load image to RAM and than write stock image to flash via serial or from SPI flash or whatever).
Here is an article about connectiong OpenOCD to another rt3050 based router -

Also i'v found those resistors on the bottom side, as for development board it would be great if there were some jumpers but even so its fine )

It will be huge help for community)

While investigating this topic i actually found a solution for reviving a board by loading uboot image via JTAG and than overwritting it by stock firmware.
I'll test this and will put a detailed instruction here.
Here is the article I found

Ooops ... just downloaded the data sheet for the above cable: I thought this is just a USB to serial converter cable similar to that one I already have (but with all RS232 signals). But in fact, it can be configured to be a JTAG interface! Unfortunately it seems there is no OpenOCD driver available out of the box. A JTAG for 20 Euro would be pretty cool

regards

Bernhard

Ok, here's one more:
http://comments.gmane.org/gmane.comp.de ... evel/20929

It might be that this cable is already supported by the OpenOCD FTDI driver ...

Yes i know about FTDI JTAGs. I actually have used FTDI as serial converters for quite a long time.
When I'll get a compatible cable I'll start the experiments )
Also I've found a config file (rt3050.cfg - googling will help) for openocd with flash initialization part so the only thing left is to test this combo.

Maybe developers have some code and binaries which they use to bring the board up and can share them with the community ?