Recovering brick _without_ full SD image for the H2O:
Assuming only the system/data partition is bricked, but u-boot and recovery partition still intact, you should be able to force a factory reset, by extracting /etc/u-boot/mx50-ntx/u-boot.recovery out of the firmware update KoboRoot.tgz and putting it on the card in the right place.
Code:
dd if=kobo-update-3.12.0.tgz/etc/u-boot/mx50-ntx/u-boot.recovery of=/dev/sdcard bs=128k count=1 seek=6
When you put the card back into the device it should start up with the factory reset screen and, with some luck, unbrick from there. If it fails, you're back to needing the full SD image for recovery.