Topics covered: Wireless substitution, Valuation vulnerabilities, Stocks to worry about, Stock recommendations, Reverse auctions, Regulatory outlook, Problems at Sprint, Outlook for RLECs, New technologies Ethernet, M&A Activity, Investor interest in the sector, Growth in data services, Dividend payments, Differentiated service offerings, Competition with cable, CLECs vs. Bells, Changes in linear video model, Cash flow and cap ex