Brain-damaged default configuration setting!
 

The connect timeout was set at 5 seconds. Everything timed out until I set it to 15. For good measure I also tripled the other 2 connect settings.
Now it works allright, but that was annoying as hell. <GROWL>

Are you behind a modem connection?

The default settings are OK for an ADSL 512 kbits connection.

Also note that if you cannot connect to another host in 5 seconds, it means the latency on the link between you and the remote end is quite high already, and the resulting Gnet connection will probably flow-control and be fragile.

-- Peer