What's more interesting is that you can use two USB-TTL converters and debug / connect to another machine (or for example see the Linux kernel logs).
Unless I'm missing something important, there's no such mechanism for usb-ttl dongles.
I'd much sooner trust netconsole than the whole usb stack, as sending an UDP packet while bypassing the whole network stack is surprisingly trivial. Just poke some registers. No interrupts needed.
What I meant is that it will likely not help debugging when there's kernel or hardware issues.
Now you can connect two machines via serial, and sniff traffic with two serial ports on the third.
You can just wire up a $10 logic analyzer, that way you can even deal with changing speeds and partial messages (e.g. reset during TX).