[One (M8) Q&A, Help & Troubleshooting] nkk71:
try the "combined no wipe zip" from here: https://docs.google.com/spreadsheets/d/1aNd_nm4Em1wamRLFT7qHM2c3O9_sg_H3ztBrGq1u9Ws/pubhtml

original thread: http://xdaforums.com/htc-one-m8/development/progress-fuu-m8-t2813792

i went from 1.54.401.10 directly to 3.28.401.9 with no problems, here's my output:

C:\ADB_M8>[B][COLOR="Blue"]adb version[/COLOR][/B]
Android Debug Bridge version 1.0.31

C:\ADB_M8>[B][COLOR="Blue"]fastboot devices[/COLOR][/B]
SHxxxxxxxxxx fastboot

C:\ADB_M8>[B][COLOR="Blue"]fastboot oem writecid 11111111[/COLOR][/B]
...
(bootloader) Start Verify: 0
(bootloader) Input CID is super CID
(bootloader) Start Verify: 0
OKAY [ 0.028s]
finished. total time: 0.028s

C:\ADB_M8>[B][COLOR="Blue"]fastboot reboot-bootloader[/COLOR][/B]
rebooting into bootloader...
OKAY [ 0.016s]
finished. total time: 0.017s

C:\ADB_M8>[B][COLOR="Blue"]fastboot getvar all[/COLOR][/B]
(bootloader) version-bootloader: 3.16.0.0000
(bootloader) version-baseband: 1.16.2133156.UA15G
[B](bootloader) version-main: 1.54.401.10[/B]
(bootloader) version-misc: PVT SHIP S-OFF
(bootloader) product: m8_ul
(bootloader) platform: hTCBmsm8974
(bootloader) modelid: 0P6B10000
(bootloader) cidnum: 11111111
(bootloader) security: off

C:\ADB_M8>[B][COLOR="Blue"]fastboot oem rebootRUU[/COLOR][/B]
...
(bootloader) Start Verify: 0
OKAY [ 0.021s]
finished. total time: 0.022s

C:\ADB_M8>[B][COLOR="Blue"]fastboot flash zip M8_3.28.401.9_WWE_TWRP2810_NoWipe_rename_to_ROM.zip[/COLOR][/B]
target reported max download size of 1830711296 bytes
sending 'zip' (42928 KB)...
OKAY [ 2.788s]
writing 'zip'...
(bootloader) zip header checking...
(bootloader) zip info parsing...
(bootloader) checking model ID...
(bootloader) checking custom ID...
(bootloader) start image[hboot] unzipping for pre-update check...
(bootloader) start image[hboot] flushing...
(bootloader) [RUU]WP,hboot,0
(bootloader) [RUU]WP,hboot,99
(bootloader) [RUU]WP,hboot,100
(bootloader) ...... Successful
(bootloader) start image[sbl1-1] unzipping for pre-update...
(bootloader) start image[sbl1-1] flushing...
(bootloader) signature checking...
(bootloader) [RUU]WP,sbl1-1,0
(bootloader) [RUU]WP,sbl1-1,100
(bootloader) ...... Successful
(bootloader) start image[sbl1-2] unzipping for pre-update...
(bootloader) start image[sbl1-2] flushing...
(bootloader) signature checking...
(bootloader) verified fail
(bootloader) ...... Bypassed
(bootloader) start image[sbl1-3] unzipping for pre-update...
(bootloader) start image[sbl1-3] flushing...
(bootloader) signature checking...
(bootloader) verified fail
(bootloader) ...... Bypassed
(bootloader) start image[sbl1-4] unzipping for pre-update...
(bootloader) start image[sbl1-4] flushing...
(bootloader) signature checking...
(bootloader) verified fail
(bootloader) ...... Bypassed
(bootloader) start image[rpm] unzipping for pre-update...
(bootloader) start image[rpm] flushing...
(bootloader) [RUU]WP,rpm,0
(bootloader) [RUU]WP,rpm,100
(bootloader) ...... Successful
(bootloader) start image[tz] unzipping for pre-update...
(bootloader) start image[tz] flushing...
(bootloader) [RUU]WP,tz,0
(bootloader) [RUU]WP,tz,100
(bootloader) ...... Successful
(bootloader) start image[sdi] unzipping for pre-update...
(bootloader) start image[sdi] flushing...
(bootloader) [RUU]WP,sdi,0
(bootloader) [RUU]WP,sdi,100
(bootloader) ...... Successful
[B][COLOR="Red"]FAILED (remote: 90 hboot pre-update! please flush image again immediately)[/COLOR][/B]
finished. total time: 6.775s

C:\ADB_M8>[B][COLOR="Blue"]fastboot flash zip M8_3.28.401.9_WWE_TWRP2810_NoWipe_rename_to_ROM.zip[/COLOR][/B]
target reported max download size of 1826418688 bytes
sending 'zip' (42928 KB)...
OKAY [ 2.946s]
writing 'zip'...
(bootloader) zip header checking...
(bootloader) zip info parsing...
(bootloader) checking model ID...
(bootloader) checking custom ID...
(bootloader) total_image_number=10

(bootloader) start image[adsp] unzipping & flushing...
(bootloader) [RUU]UZ,adsp,0
(bootloader) [RUU]UZ,adsp,11
(bootloader) [RUU]UZ,adsp,22
(bootloader) [RUU]UZ,adsp,32
(bootloader) [RUU]UZ,adsp,43
(bootloader) [RUU]UZ,adsp,54
(bootloader) [RUU]UZ,adsp,65
(bootloader) [RUU]UZ,adsp,76
(bootloader) [RUU]UZ,adsp,87
(bootloader) [RUU]UZ,adsp,98
(bootloader) [RUU]UZ,adsp,100
(bootloader) [RUU]WP,adsp,0
(bootloader) [RUU]WP,adsp,100
(bootloader) ...... Successful
(bootloader) current_image_number=0

(bootloader) start image[pg2fs_spcustom] unzipping & flushing...
(bootloader) [RUU]UZ,pg2fs_spcustom,0
(bootloader) [RUU]UZ,pg2fs_spcustom,23
(bootloader) [RUU]UZ,pg2fs_spcustom,45
(bootloader) [RUU]UZ,pg2fs_spcustom,67
(bootloader) [RUU]UZ,pg2fs_spcustom,88
(bootloader) [RUU]UZ,pg2fs_spcustom,100
(bootloader) ...... Successful
(bootloader) current_image_number=1

(bootloader) start image[recovery] unzipping & flushing...
(bootloader) [RUU]UZ,recovery,0
(bootloader) [RUU]UZ,recovery,7
(bootloader) [RUU]UZ,recovery,12
(bootloader) [RUU]UZ,recovery,19
(bootloader) [RUU]UZ,recovery,28
(bootloader) [RUU]UZ,recovery,37
(bootloader) [RUU]UZ,recovery,53
(bootloader) [RUU]UZ,recovery,62
(bootloader) [RUU]UZ,recovery,69
(bootloader) [RUU]UZ,recovery,74
(bootloader) [RUU]UZ,recovery,80
(bootloader) [RUU]UZ,recovery,86
(bootloader) [RUU]UZ,recovery,92
(bootloader) [RUU]UZ,recovery,98
(bootloader) [RUU]UZ,recovery,100
(bootloader) [RUU]WP,recovery,0
(bootloader) [RUU]WP,recovery,98
(bootloader) [RUU]WP,recovery,100
(bootloader) ...... Successful
(bootloader) current_image_number=2

(bootloader) start image[sensor_hub] unzipping & flushing...
(bootloader) [RUU]UZ,sensor_hub,0
(bootloader) [RUU]UZ,sensor_hub,100
(bootloader) [RUU]WP,sensor_hub,0
(bootloader) [RUU]WP,sensor_hub,4
(bootloader) [RUU]WP,sensor_hub,8
(bootloader) [RUU]WP,sensor_hub,12
(bootloader) [RUU]WP,sensor_hub,16
(bootloader) [RUU]WP,sensor_hub,20
(bootloader) [RUU]WP,sensor_hub,24
(bootloader) [RUU]WP,sensor_hub,28
(bootloader) [RUU]WP,sensor_hub,32
(bootloader) [RUU]WP,sensor_hub,36
(bootloader) [RUU]WP,sensor_hub,40
(bootloader) [RUU]WP,sensor_hub,44
(bootloader) [RUU]WP,sensor_hub,48
(bootloader) [RUU]WP,sensor_hub,52
(bootloader) [RUU]WP,sensor_hub,56
(bootloader) [RUU]WP,sensor_hub,60
(bootloader) [RUU]WP,sensor_hub,64
(bootloader) [RUU]WP,sensor_hub,68
(bootloader) [RUU]WP,sensor_hub,72
(bootloader) [RUU]WP,sensor_hub,76
(bootloader) [RUU]WP,sensor_hub,80
(bootloader) [RUU]WP,sensor_hub,84
(bootloader) [RUU]WP,sensor_hub,88
(bootloader) [RUU]WP,sensor_hub,92
(bootloader) [RUU]WP,sensor_hub,96
(bootloader) [RUU]WP,sensor_hub,100
(bootloader) ...... Successful
(bootloader) current_image_number=3

(bootloader) start image[tp] unzipping & flushing...
(bootloader) ..... Bypassed
(bootloader) current_image_number=4

(bootloader) start image[tp] unzipping & flushing...
(bootloader) ..... Bypassed
(bootloader) current_image_number=5

(bootloader) start image[wcnss] unzipping & flushing...
(bootloader) ...... Successful
(bootloader) current_image_number=6

(bootloader) start image[radio] unzipping & flushing...
(bootloader) trying to rename MBA
(bootloader) ...... Successful
(bootloader) current_image_number=7

(bootloader) start image[rcdata] unzipping & flushing...
(bootloader) ...... Successful
(bootloader) current_image_number=8

(bootloader) start image[emmc_fw16] unzipping & flushing...
(bootloader) ...... Successful
(bootloader) current_image_number=9

OKAY [ 61.140s]
finished. total time: 64.087s

C:\ADB_M8>[B][COLOR="Blue"]fastboot reboot-bootloader[/COLOR][/B]
rebooting into bootloader...
OKAY [ 0.016s]
finished. total time: 0.016s

C:\ADB_M8>[B][COLOR="Blue"]fastboot getvar all[/COLOR][/B]
(bootloader) version-bootloader: 3.19.0.0000
(bootloader) version-baseband: 1.22.21331147A1.29G
[B](bootloader) version-main: 3.28.401.9[/B]
(bootloader) version-misc: PVT SHIP S-OFF
(bootloader) product: m8_ul
(bootloader) platform: hTCBmsm8974
(bootloader) modelid: 0P6B10000
(bootloader) cidnum: 11111111
(bootloader) security: off

C:\ADB_M8>

and Merry Christmas btw :)