Adding your OpenSSH Private Key
Connect your droid to your pc via USB. Copy over your ssh private key, and you can use ConnectBot's "Manage Pubkeys" tool to import it. I tried it with an OpenSSH private key, and it worked flawlessly. Importing a SSH.com key is possible, using PuTTY's keygen tool to convert the private key first.
Setting Up A Connection
Once you have your private key in ConnectBot, you can set up a connection. You can edit that connection once you've created it by long-tapping the host listing and choosing "Edit Host". When you edit the host, you can associate a private key with it, set the SSH Agent Forwarding to on, and change the font size (VITAL -- I find font size 16 to be very readable...size 10 not so much.)