Enabling remote telnet access to your phone

I was messing with busybox on my Droid X the other day using the tiny android gingebread keyboard, and started wondering "dang, i'm making too many typos and this is really a pain".  So I decided to enable telnetd so I can telnet in from my macbook and use my gigantic keyboard.   Here's how you do it:

1. get on a secure wifi network (well you don't have to but you'd want to - trust me)
2. run Terminal from your phone
3. type "telnetd -l /system/bin/sh"
4. obtain your phone's IP address from android settings
5. run terminal software from your laptop/desktop
6. telnet to the ip address
7. when you're done, kill telnetd: "pkill telnetd"

Voila!  Now you can hack away without having to use the phone keyboard, or connect it to your PC via USB.

 [insert extremely satisfied happy face here]

UPDATE: Be sure to read my followup post here!