I was going to blog this too, but Om got the gist down before me.
As you know I’ve regulalry said Covad overpaid for GoBeam, an unproven player in the hosted PBX business whose VC’s didn’t even want to use the technology. There’s also CallTower out there with a working business, powered by Cisco hardware.
While I have no question that some company will get hosted VoIP correct, my bets are it will be one of the RBOC’s or major telcos (AT&T, MCI or Sprint) that really busts the market for this wide open.