This is how it should look, at least this is what's working for me. Loving VMRC BTW. I'm kind of doc'ing this for myself as more and more virtual machines are coming online and we're asked to debug them and I never can remember the syntax.
On the Virtual machine set it up for debug:
Pre-Vista that would mean adding this to the boot.ini: /debug /debugport=com1 /baudrate=115200
Post-Vista that would mean using bcdedit: bcdedit /dbgsettings SERIAL DEBUGPORT:1 BAUDRATE:115200
On the Virtual server/Virtual PC side:
The client machine should look like this:
And then you connect to it from the command prompt like so:
kd -k com:port=\\.\pipe\debug1,pipe,baud=115200,resets=0,reconnect