Took a while to get Hyperterm setup, but really pleased that the i.MX21 is working :)
VC have a mistake in their VCMX212.1.pdf document. They say that the baud rate (bps) to use in Hyperterm is 460800:8N1 but this is wrong. The Wiki is correct with the 230400:8N1 They also don't mention turning off flow control. When the baud rate is set right you can see the device starting up, feeding back the uMon start up text, but then with 'Hardware' flow control set (default setting in Hyperterm) you cannot seem to send ASCII characters back to the device.
uMon is working fine, Linux starts up, ready to rock'n'roll :)