Guys
My version does work, "out of the box" on 1.6.1
However I have been discussing things with the main developer at esp8266.com ( Ivan in St Petersburg ), and apparently the version of the Xtensa compiler I'm using, in the repo, has some issues due to the way it was compiled.
If you have issues with mine, there is another and potentially better repo that does the same thing, by a Canadian guy call Sampreet Mistry, which uses the compiler binaries compiled by Ivan.
However I'm not sure whether Sampreets version works on 1.6.1. Though it appears to be ok on 1.6.3
There is some strange issue with paths to gcc helper dll's which cause issues with Ivan's version of the compiler
I've been trying to track down precisely what's going on with this, for the last 3 days, with no luck, except 1.6.3 doesn't seem to have this issue- so it could be a path environment bug in the IDE.
I know this thread was about arduinesp.com, but unless the OP has updated his version from the master copy at GitHub - esp8266/Arduino: ESP8266 core for Arduino I'd recommend you either download Ivan's specially modified version of the IDE from GitHub or use my version of it, or probably even better use sampreets version.
But getting back to the point.
Yes. The are amazing devices, I have several versions including the one you mentioned