My minimosd was acting up so I decided to flash it. 
Connected it using FT232RL, installed Arduino (1.6.7), installed FT driver - it discovers it fine. 
Hooked it up to my laptop - the light blinks green for a while then Arduino spits out: 

"avrdude: stk500_recv(): programmer is not responding"

If its not responding why is it blinking green?
Spent few hours on it already; no luck. Didnt find anything on the web that could help me. Tried different drivers - nothing. Board type is selected fine, so is the port.
Cable seem fine since its blinking green..

When I was rolling back the drivers to 2.10 I only did so for "USB Serial Port" and not "USB Serial Converter"
Did that now - no luck.

Anything else I could try?

Are the pins correct? have you tried swapping TX/RX? 

Make sure the RST line is connected

Try to connect all the six wires

Try a different cable. Just because the lights are on, doesnt mean the signal wires are connected.

Follow this diagram:

Tried all of the suggestions - still no luck. 

I also tried this connection:

   

I'm guessing something is wrong with either the OSD board or the FT232. 
I'm ordering a a new converter and micro miniosd (wanted to switch to micro anyways).

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edit: bought a new micro minimOSD, and it worked! so it was the minimOSD unit I had that was faulty.