Should give "Version:"VC0706 1.00" message, but instead I get "Cmd time out". Do not know what is wrong.
This error was discussed on the AdaFruit forums, but it appears a solution wasn't found. However, I recommend you check the connection to the FTDI because there was a recommendation on a post where user was instructed to check the connections, voltage.
Discussion: http://www.adafruit.com/forums/viewtopic.php?f=19&p=181083