I don't recommend opening the web server or Telnet port externally at all (at this point). If you have to, do as Ken suggests above, plus if it's possible only open it when you have to. If you're not actually traveling or something, block all access to this device at your firewall if you can. Most cable and DSL routers (such as Linksys) have a built-in basic firewall you can configure to simply block external access. For many, this is the default setting.
A hacker can find the port you're using for the web server easily with simple (and free - Nmap) tools. Changing it from port 80 makes great sense though, because you'll at least force them to look for it. I just tried running a simple security scan (using a free tool - Nessus) against my AC3 Pro and it went nuts within two minutes - without supplying a userid or password. So, you don't actually need to even hack it to cause serious problems. On mine, almost everything simply turned off, my Tunze units just started pumping air, and the Neptune clock went backwards about 4 hours. If someone knew (or discovered with a scan) your IP address and your Neptune isn't blocked by a firewall, they could do the same to you.
I'm going to run a more complete test later today or tomorrow to find all the vulnerabilities, and will post more information when I do. Hopefully these are things Neptune will be willing to correct with an update.