The 'transport' key is important, because eventually I'll add telnet (and maybe in some far flung future, ssh.. don't hold your breath)
With a telnet transport you could set up COM2 to be directly connected to your favorite MUD.
Although a static connection is a bit limited, so what we would eventually want is a virtual modem that can take Hayes commands and dial IP addresses. This sort of thing is not anything new in emulator-land, I just haven't stolen it yet.