Funnel IO (FIO) using FTDI Basic

I am trying to use the Funnel IO (http://Funnel.cc) with the FTDI Basic USB to Serial card from http://sparkfun.com to program the Funnel IO.
I have placed headers on the PCB board holes for easy access.

I have been able to do it, but for some reason the baud rate I program on Serial.begin (19200) doesn't work. I can only get it to work setting the comm port speed on the Arduino 018 IDE to 14400 or even 28800 (even when the hardware was set to 19200 using Serial.begin). Any reason? This looks bizarre.

Is this a problem with the Sparkfun board? A bug in the funnel I/O? Or with my setup?

I have removed the XBee radio from the Funnel IO board. I have connected the SparkFun FTDI Basic card to USB on my computer. And this is how I have aligned the pins:

FIO -> Board
GND GND
AREF 5V (I have also tried using 3V3 with same results)
RX TX
TX RX
RST DTR

I can upload the program. I can do the blinking light. I can get output via serial, but only by using a different serial speed from the one I programmed. This is truly bizarre.

Any suggestions?