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I do have a problem with the potential for international long distance over IP from practical experience. The business oportunities for ISPs that Chris refers to in this area carry a higher cost ratio than may readily apparent to those who haven't tried to work with termination technical and regulatory problems on both ends of the communication. I have been dealing for some time with major international carriers and foreign internet access and domestic telecommunications providers on substantial traffic exhanges - some in the neighborhood of 50 to 75 million minutes a month. Unless you have a major player bundling both inbound and outbound traffic termination, are willing to deal with international letters of credit, and are willing to take the risk of currently open foreign IP telephony markets being shut down at the request of national PTTs and other large players, I wouldn't put too much emphasis on this market area. It costs a lot of money to play.