Hmm, not quite...
The simple terminal program works, but when I redirect console input and output to the serial line, I'm receiving garbage characters in the telnet session. You can reproduce it like this:
After a fresh boot of PCOS 2.0h, type the following:
0> rs232
0> +scom:
0> +dcom:
Now console input and output also comes from/goes to the serial line.
Now type e.g. "vl" on either telnet or the console window and you'll get garbage output in the telnet session.