After flashing this image.bin to my phone I immediately lost root and all the other custom rom goodness I've been using. I'd say being stock feels more comfortable for me. But one thing I missed is root. I decided to go through all the stuff here and managed to root my device. Below is how I did it:

I have a GEN2 Blade from Smart Telecoms here in the Philippines. It's rebranded as the Smart Netphone 701.

Requirements:
1. Clockworkmod recovery image
2. Superuser package from androidsu.com

Steps:
1. Copy the Superuser package into the sd card.
2. Reboot the phone into fastboot. Run the following command in the command prompt (using Windows with configured Android SDK)

- adb reboot bootloader

3. When you get to the ZTE boot splash (white background with ZTE and some chinese characters), flash the clockworkmod recovery image. Used 4.0.1.5 version from the forums:

- fastboot flash recovery recovery-xxx.img (use whatever cwm recovery you have)
- fastboot reboot-bootloader (wait for screen to turn off and back to the ZTE splash)
- fastboot erase cache
- fastboot reboot

4. While rebooting, hold down the Volume (-) button to get into CWM.
5. Select install zip from sdcard.
6. Select the Superuser package (zip) and proceed with the installation.
7. When done, reboot the phone.
8. I tested by going into adb shell

- adb shell
- su

9. Prompt in the phone will request for su access.
10. That's it!

CREDIT GOES TO WBAW for recommending the installation of CWM via fastboot.