Ok folks. This *was* a MAC caching issue. I was able to reset this particular modem by inserting a pin into the reset orifice. I presume I could have achieved this by unplugging the power cable AND removing the battery. So dhclient on OpenBSD 3.8 *does work* although I continue to receive a bad length type of message. Here is the session:
# dhclient sis1 DHCPDISCOVER on sis1 to 255.255.255.255 port 67 interval 8 DHCPDISCOVER on sis1 to 255.255.255.255 port 67 interval 14 ip length 348 disagrees with bytes received 352. accepting packet with data after udp payload. DHCPOFFER from 10.206.182.1 DHCPREQUEST on sis1 to 255.255.255.255 port 67 ip length 348 disagrees with bytes received 352. accepting packet with data after udp payload. DHCPACK from 10.206.182.1 bound to 70.81.175.3 -- renewal in 1800 seconds. I will try to use the '-u' switch and see if that will get rid of the warning message. Tired of spam? Yahoo! Mail has the best spam protection around http://mail.yahoo.com

