No, in current system you need to flash at least initfs and kernel to boot newer firmware completely. Newer kernel and initfs may (or may not, depends on specific version) make older rootfs in flash not booting. Not talking about flashing bootloader of course which is sometimes updated too and currently cannot be flashed from device. What may be possible is to replace kernel and initfs in flash with some generic stubs and keep real kernel and initfs on mmc so we can have more of them. This is quite tricky but maybe possible. Maybe it would be even needed to dualboot between os2007 hacker edition and IT2006 so I will be forced to try to make it working :-)