1] Default/factory IP address is: 192.168.1.220
192.168.1.1 is address after flashing with Alexei's image
Also note:
Asus products do not revert to a default IP address when in Failsafe Mode, but will instead use the address stored in NVRAM.
[see: http://wiki.openwrt.org/:/Hardware/Asus/Flashing ]
2] Flashing according to manual TFTP method [also pinging unit throughout seems to maintain connectivity]
3] Set wireless and wired details after notes on this page: