You have to have port 25 available to receive mail from the "outside". But, for the most part, nobody will telnet to it unless you're testing and you manually send a message to watch it to make sure it's being routed correctly.
Other than testing, hackers like to do it and by doing so, some are giving out sendmail versions (potential know exploits at a certain version) and OS type and version.
Morsing, I think I've done this once a LONG time a ago (4+ years) and I can't remember how I did it either. It may be in an IBM doc somewhere, I'll dig around.
Thanks.