While URL.openStream will work, you would be better off using the Apache HttpClient library that comes with Android for HTTP. Among other reasons, you can use content encoding (gzip) with it, and that will make text file transfers much smaller (better battery life, less net usage) and faster.
There are various ways to use HttpClient, and several helpers exist to wrap things and make it easier. See this post for more details on that: http://stackoverflow.com/questions/874227/android-project-using-httpclient-http-client-apache-post-get-method (and note the HttpHelper I included there does use gzip, though not all do).
Also, regardless of what method you use to retrieve the data over HTTP, you'll want to use AysncTask (http://android-developers.blogspot.com/2009/05/painless-threading.html) to make sure not to block the UI thread while making the network call.