I found this for the lazy me:
http://www.linuxliveusb.com/en/home wow...runs Linux under Windows In VirtualBox from an USB stick.
Unfortunately I have to go to a customer site tomorrow and will not sort this mess for a week...will post netconsole output when I get back.
/EDIT...could not resist trying...but still no luck with netconsole:
on the Linux VM I see (sorry for posting images but I could not paste between machines - must be the VirtualBox.)

And I can ping the virtual interfaces, but not the Pogo:

and this is my current environment:
$this->bbcode_second_pass_code('', 'Pogoplug:~$ /usr/sbin/fw_printenv
ethact=egiga0
bootdelay=3
baudrate=115200
mainlineLinux=yes
console=ttyS0,115200
led_init=green blinking
led_exit=green off
led_error=orange blinking
mtdparts=mtdparts=orion_nand:1M(u-boot),4M(uImage),32M(rootfs),-(data)
mtdids=nand0=orion_nand
partition=nand0,2
stdin=serial
stdout=serial
stderr=serial
rescue_installed=0
rescue_set_bootargs=setenv bootargs console=$console ubi.mtd=2 root=ubi0:rootfs ro rootfstype=ubifs $mtdparts $rescue_custom_params
rescue_bootcmd=if test $rescue_installed -eq 1; then run rescue_set_bootargs; nand read.e 0x800000 0x100000 0x400000; bootm 0x800000; else run pogo_bootcmd; fi
pogo_bootcmd=if fsload uboot-original-mtd0.kwb; then go 0x800200; fi
force_rescue=0
force_rescue_bootcmd=if test $force_rescue -eq 1 || ext2load usb 0:1 0x1700000 /rescueme 1 || fatload usb 0:1 0x1700000 /rescueme.txt 1; then run rescue_bootcmd; fi
ubifs_mtd=3
ubifs_set_bootargs=setenv bootargs console=$console ubi.mtd=$ubifs_mtd root=ubi0:rootfs rootfstype=ubifs $mtdparts $ubifs_custom_params
ubifs_bootcmd=run ubifs_set_bootargs; if ubi part data && ubifsmount rootfs && ubifsload 0x800000 /boot/uImage && ubifsload 0x1100000 /boot/uInitrd; then bootm 0x800000 0x1100000; fi
usb_scan=usb_scan_done=0;for scan in $usb_scan_list; do run usb_scan_$scan; if test $usb_scan_done -eq 0 && ext2load usb $usb 0x800000 /boot/uImage 1; then usb_scan_done=1; echo "Found bootable drive on usb $usb"; setenv usb_device $usb; setenv usb_root /dev/$dev; fi; done
usb_scan_list=1 2 3 4
usb_scan_1=usb=0:1 dev=sda1
usb_scan_2=usb=1:1 dev=sdb1
usb_scan_3=usb=2:1 dev=sdc1
usb_scan_4=usb=3:1 dev=sdd1
usb_init=run usb_scan
usb_device=0:1
usb_root=/dev/sda1
usb_set_bootargs=setenv bootargs console=$console root=$usb_root rootdelay=$usb_rootdelay rootfstype=$usb_rootfstype $mtdparts $usb_custom_params
usb_bootcmd=run usb_init; run usb_set_bootargs; run usb_boot
usb_boot=mw 0x800000 0 1; ext2load usb $usb_device 0x800000 /boot/uImage; if ext2load usb $usb_device 0x1100000 /boot/uInitrd; then bootm 0x800000 0x1100000; else bootm 0x800000; fi
bootcmd=usb start; run force_rescue_bootcmd; run ubifs_bootcmd; run usb_bootcmd; usb stop; run rescue_bootcmd; run pogo_bootcmd; reset
ethaddr=00:25:31:00:72:2E
arcNumber=3542
usb_rootfstype=ext3
machid=dd6
usb_rootdelay=20
if_netconsole=ping $serverip
ipaddr=10.10.10.6
ncip=10.10.10.5
ncipk=10.10.10.4
serverip=10.10.10.3
preboot=run nc_test nc_start
nc_test=ping $ncip
nc_start=setenv stdin nc; setenv stdout nc; setenv stderr nc; version
usb_custom_params=ignore_loglevel netconsole=6665@10.10.10.3/eth0,6666@10.10.10.4/
Pogoplug:~$')
Everytime I installed ALARM I flashed Uboot as well, so the params should be OK (as I rest them every time)...the changes - which have made no difference - are for netconsole and machID.
Maybe I still have something messed up in the USB boot section? I don't see it, but I'm no expert.