So, you're basically coming from the perspective that these exchanges are meant to be useful specifically for the newcomers. But then this would never happen,

So, you're basically coming from the perspective that these exchanges are meant to be useful specifically for the newcomers. But then this would never happen, since the whole industry is being lobbied by the bigger two to four players in the US. Also, are you suggesting that a newcomer would just have a tower or two in a remote region? I guess that may sound interesting, and they could do roaming with T-Mobile US elsewhere, and the whole concept might open up new roads for new services not currently possible, however, I think the required oversight would be overly burdensome, and smaller operators with their own towers, and roaming with T-Mobile elsewhere, already do exist within the current infrastructure -- take a look at Union Wireless from Mountain View, Wyoming, or Viaero Wireless from Nebraska/Kansas/Colorado. Also, I think Verizon Wireless is know to share their licences to some operators in exchange for buildout and mutual roaming agreements. Additionally, if you invest in equipment to support all of this, I'm pretty sure you'd rather be more certain that you'd be able to have the licence to the frequencies to support it; and not be subject to the overbids from the big players. However, it would certainly be interesting to know the perspective on all of this from operators like Union Wireless and Viaero.