Needless to say, I found that out when my board refused to flash...
Compare the pin naming found here: https://github.com/esp8266/esp8266-wiki ... definition
and module images here: wiki/doku.php?id=esp8266-module-family
with almost any Quad-SPI 8-pin or -pad packaged flash datasheet, but particularly W25Q40BVSNIG: http://html.alldatasheet.com/html-pdf/4 ... VSNIG.html
Even the Aug, 2014 HDK Application Design Guide has it wrong.
TL;DR: When making your own board, the flash should be routed like this:
ESP -> FLASH
IO1 -> IO0
IO0 -> IO1
IO2 -> IO3
IO3 -> IO2