I'm now the proud owner of a Cobalt RAQ 3 and a 3i. The 3 will be Asterisk and the 3i will be my firewall.
So far I've updated the flash in the 3 using these instructions and no problems. Now I'm working on building an AsteriskNow image in vmware that'll play nice on the RAQ. It looks like it's not that hard as long as you follow the necessary steps regarding partitions and some kernel drivers. I'll report back once it's in action.