I'm using this to telnet into Rhapsody, so I guess it's good enough!
Sometimes it does hang while closing. I haven't even begun to look into it.
I run qemu like this:
qemu -L pc-bios -m 128 ^
-k en-us ^
-rhapsodymouse ^
-soundhw sb16 ^
-hda rhapsody-8g.vmdk ^
-net nic,model=ne2k_pci,vlan=1 ^
-net socket,udp=127.0.0.1:5001,remote=127.0.0.1:5000,vlan=1 ^
-boot c