There will probably be a fair amount of overlap. The phone company have a much harder time becoming a cable TV company than the other way around.
Cable looks a lot better for the typical home application.
Cable is a natural for broadcast-type 'push' applications and the plummeting cost of disk drives will make local storage much cheaper. Cable needs a miniscule amount of upstream bandwidth for the customer to communicate pay per view movie choices and conduct online shopping. They could justify their infrastructure improvements on these alone. Adding on an ethernet port for the home LAN and a telephone jack for convenient LEC bypass would be gravy, not to mention the possibility of doing utility meter reading and home security monitoring. Already xDSL ISPs such as Micron.net are doing so.