Take a listen to William Quigley’s presentation from ETel 2006. From the ITC show notes:

Are the RBOCs (Regional Bell Operating Companies) going away? Unlikely. Through reinvention and reinvestment, they will retain a strong position. There may not be openings to steal market share from the big guys, but William Quigley of Clearstone Venture Partners believes there will be plenty of peripheral opportunities for the innovative entrepreneur.