That is what I have in my /etc/inetd.conf file. I connect using ftp from ubuntu and use root as the username. I get a "230 Operation successful", so I try to do a put or an ls. Those commands show "200 Operation successful" but then nothing else. Eventually I have to hit ctrl-c and it says that the remote server closed the connection. I also noticed that when I try to put a file, it will create an empty file in /. If I try to pass a different directory to ftpd, specifically /root, I get the following errors when trying to connect using ftp:
libgcc_s.so.1 must be installed for pthread_cancel to work
Login failed.
421 Service not available, remote server has closed connection
I have also tried gftp and I get the same results.