This one should be ok. For serial port, either your MB has a built in com1, com2, etc or buy this to emulate.
You also need hyperterminal from XP or puttytel (free) to monitor the serial console output
When your IP0X boots you see messages like this in the dmesg boot log or serial console:
--snip--
block 791 is bad
--snip--
i.e. one of more bad blocks reported as the Yaffs file system is mounted. This is completely normal – the NAND flash chips often have a few bad blocks when they are manufactured and the file system works around them.