I used to run a Kippo[1] honeypot on port 22. I'd regularly see automated intrusion attempts, often followed up by users manually interacting with the server (and slowly coming to realize that it was fake). Nowadays I expect the exploitation process is typically much more automatic, so it'd be less interesting to watch.
I understand your misconceptions about this working. It really just depends on if it appears to be vulnerable enough to scanners, and whether people actually bother to take interest. I guess you could say that my "project" is more of and experiment in how hackers go about finding vulnerable devices. Who knows, maybe hackers don't take interest in vulnerable telnet services anymore (they probably don't), but thats okay, this was fun while it lasted. I'll leave the memes on the readme.
Hey- if you are the author, I want to say I support what you are doing. We need more projects like this. But when I read the source, looks pretty lean to me in terms of follow on functionality. Would love to help you expand on this.
it will be attacked within minutes, you should start a honeypot and see for yourselves