Don't forget market saturation. We are nearing the point where we are getting all of the customers we are going to get. I'm sure there are one or two broadband holdouts clinging to dial-up or just going to the public library, but largely, telcos and cablecos already have all of the customers they are going to get. In essence, the field is dead and utterly useless to investors who expect a large, fast, quick return.
