Your code is fine, you just need to specify the correct output format
Code:
ffmpeg -i "http://stream.bugaboo.tv/bugaboo.tv/_definst_/mp4:stream1/files/video/dest/2013/01/24/1358989663_512x384.mp4/playlist.m3u8" -vcodec copy -acodec copy -bsf:a aac_adtstoasc output.flv
