The recent consolidation trend among major U.S. telcos is but the leading edge of a wave that will continue over the next few years. Tier-one players see consolidation not only as a way to lower costs by combining operations, but to add new service offerings quickly in the face of increasing competition from cable providers and

VoIP services. As mergers and acquisitions continue, perhaps even reaching into equipment makers, the U.S. communications industry will become dominated by a few mighty monoliths, to the exclusion of just about everyone else.

That's a common version of the conventional wisdom, to be sure. But it may not be at all accurate.

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