Pretty cutting. Verizon looks like it will have no trouble staying profitable due to their spectrum control, though. Ironically the strength of the dumb pipe (good coverage) will keep the value add afloat.
Though I doubt “afloat” also means “growing.” Would AOL and Yahoo turn into a stone, weighing down Verizon?
A company’s compulsion to grow is why I think the internet should be a public utility.