[workallday21]

Towards the end of the article the author mentions:

Full size: 1440KiB / 1.44MiB Kernel size: 632KiB Tools: 552KiB Free space left (du -h): 272KiB

So... it does look to me like the kernel and tools would fit 1.2MB too.

[w84death]

Barely. If you want to just run some compiled C app then you don't need as much tools. You can even skip the BusyBox part and instead of shell running your application only.

But I don't think it is what you want. For sane set of tools it was a little bit over 1MB. Mine is bigger as I still need more tools for fixing/experimenting on live system (I'm using shell scripts for my application). In the end I will be removing more and more tools.