So, for benefit of others:
Setting environment variables is done like the below (remove the equals sign and encase the value with ' '):
setenv arcNumber '2097'
setenv bootargs_root 'ubi.mtd=1 root=ubi0:rootfs rootfstype=ubifs'
setenv mtdpartitions 'mtdparts=orion_nand:0x400000@0x100000(uImage),0x1fb00000@0x500000(rootfs)'
setenv ethaddr 'f0:ad:4e:00:38:82'
setenv bootargs_console 'console=ttyS0,115200'
setenv bootargs_root_nand 'ubi.mtd=1 root=ubi0:rootfs rootfstype=ubifs'
setenv bootcmd_nand 'setenv bootargs $(bootargs_console) $(mtdpartitions) $(bootargs_root_nand); nand read.e 0x00800000 0x00100000 0x00400000; bootm 0x00800000'
setenv bootargs_root_mmc 'root=/dev/mmcblk0p2 rootdelay=5'
setenv bootcmd_mmc 'setenv bootargs $(bootargs_console) $(bootargs_root_mmc); mmcinit; ext2load mmc 0:1 0x800000 /uImage; bootm 0x00800000'
setenv real_bootcmd 'run bootcmd_mmc; run bootcmd_nand'
setenv filesize '32D62A'
setenv bootcmd 'run bootcmd_mmc; run bootcmd_nand'
setenv mainlineLinux 'yes'
Compare the output of printenv for a proper config as listed in
http://www.newit.co.uk/forum/index.php/topic,194.0.htmlRemove variables that are not listed in that post by typing
setenv <variable>, without defining any values.
Recover1, recover2, etc variables are not required if you are setting up uboot environment manually and have an SD card ready to go.
Hope this helps someone and they don't waste time trying to piece together the information form 20 different sources like I had to.