Applied your patch and updated the docs.
Please close if this is ok for you. Thanks.
Deployed SNAPSHOT version 1.0.3-20090130.225318-1 to the snapshot repository and updated the Remote Shell Documentation page at 
I have applied the patch in Rev. 739440.
This patch adds a new configuration property "osgi.shell.telnet.ip" to the remote shell.
The default is set to 127.0.0.1 so the shell is only accessible from localhost.
This is the minimum security I would want for my remot shell.