Code:avrdude: Device signature = 0x1e950favrdude: safemode: lfuse reads as FFavrdude: safemode: hfuse reads as DAavrdude: safemode: efuse reads as 5avrdude: erasing chipavrdude: Program enable command not successful. Retrying.avrdude: Program enable command not successful. Retrying.avrdude: Program enable command not successful. Retrying.avrdude: Program enable command not successful. Retrying.avrdude: Device is not responding to program enable. Check connection.I found that latest avrdude-6.3 doesn't seem to have this issue any longer and seems to work fine. I have replaced the avrdude (6.0.1) in my arduino-1.6.7 folder with 6.3 and it seems to be quite happy.
Arduino Nano
I got one of these a month ago, as a Serial bit-banger for the ESP8266-01. (the one with the SM DIP FTDI chip). Word Of Warning! The 3V/5V switch only change4s the voltage of the serial I/O & handshake lines. It does NOT change the VCC voltage. The VCC pin will still be +5V, no matter which position the switch is.
Arduino Micro
If you plan on running anything off the VCC pin, at 3V, You will need to add a regulator (I.E. L78L33AC) between the project & the adaptor. Word of the wise, before you fry, Check the voltage!