(Hoping this goes into the correct thread)
You are correct, romimage is what you need to burn.
About the ELF image thing--The payload is indeed an ELF image, and LinuxBIOS uses "elfboot" to boot it. The payload can be a normal Linux kernel made bootable by the mkelfImage utility ( ftp://ftp.lnxi.com/pub/mkelfImage/ ), a FILO image ( http://te.to/~ts1/filo/ ), or an Etherboot image ( http://sourceforge.net/projects/etherboot/ ). Perhaps someone more experienced with this can explain in further detail.
It is flashable with any kind AWARD MS-DOS tool ?
You should probably try to use with Flash 'n Burn (Check the original freebios tree) or Linux memory technology devices (MTD -- http://www.linux-mtd.infradead.org/ ). Sure beats booting off a FreeDOS floppy!