Yes, I've seen it working on 4.12. 5.1.2 & 5.5 machines, both as server and as a client.
Thanks for sharing the link, looks interesting.
As for setup, you need to create yourself an /etc/rsyncd.conf as your link suggests (tho I'd recommend you visit rsync.org or other rsync sites that provide a few more nuggets of safe config info). After you start rsync (rsyncd) on the e-smith box you should be ready to go.
If you decide to go with it you will need to update your startup routine to include an auto start of rsync.