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TS in admin mode has several advantages [besides the ability to set up encryption levels]. Not only does it allow integration with Windows 2000 AD domain security accounts, it is free [but you do have to specifically install it] & much faster then the 3rd party apps. When installing it on a multihomed machine, make sure that you have it enablied only on the nic that is on your admin lan. The choice is either all nic's or on only 1 nic.
Actually it is how you set up your firewall. I would not set up an open port and a good firewall usually employs a good 128 VPN connect. Myself I usually VPN into what was my network then start Terminal Services from inside, never set it directly cause like what was said M$ mixes stuff and most times they don't know what is in he mix. Rely upon the firewall VPN connect set Terminal Servise to one connect through the VPN/Firewall and you should be secure well at least until the next M$ patch.