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So with a 'standard' null modem cable connected from my pc to the efika i should be able to monitor booting and even start linux on it?
Yes. You can force it into serial mode by simply disconnecting the keyboard and graphics on boot; it will redirect all the firmware console to the serial port. The firmware uses 115200 rate, 8 bit data, no parity, 1 stop bit (popularly "8n1" mode) and NO handshake (RTS/CTS and XON/XOFF disabled)
Booting with console=ttyPSC0,115200,8n1 for Linux will get you a serial console. You will have to edit inittab as above, and add ttyPSC0 to securetty to get a login console.
You can force a serial console from firmware - although make sure you actually GET a console first, dodgy cables and weird terminal programs will bite you here - by following the details in
this article which has been on the site for a good 4 and a half years now (yes, it worked on Pegasos all these years!) and has been linked from the front page all this time.
A note about the article: the "io" Forth word is the ONLY recommended way to do it. Changing input-device and output-device firmware variables is a VERY VERY bad idea. You can completely trash a system this way without very few ways of recovering it. If you mistype anything for the "io" word arguments (like getting the serial device name wrong), OF will just pop an error and go back to the defaults.