EDIT:
Just to add some more information, when it boots in to the AT software, here is the output at 76800 baud:
ets Jan 8 2013,rst cause:1, boot mode:(3,7)
load 0x40100000, len 816, room 16
tail 0
chksum 0x8d
load 0x3ffe8000, len 788, room 8
tail 12
chksum 0xcf
ho 0 tail 12 room 4
load 0x3ffe8314, len 288, room 12
tail 4
chksum 0xcf
csum 0xcf
2nd boot version : 1.2
SPI Speed : 40MHz
SPI Mode : QIO
SPI Flash Size : 4Mbit
jump to run user1
And here is when GPIO0 is pulled down:
ets Jan 8 2013,rst cause:1, boot mode:(1,7)
Also, looks like the 2MHz figure is just as high as my cheap logic analyzer can measure, looks like it might be the 26MHz clock,