The modem is for the console, not the network!
You boot headless to the serial console. It's a thing of beauty to watch Linux boot on a VT320. It's almost as good to watch it boot in minicom or Windows telnet :)
It's trivial to make a null modem.
(Speaking of modem - you should be able to connect a modem to another modem and get a serial connection, though I've never tried it and you'd have to issue the appropriate AT commands to program the modem state.)