I don't want to hog the mike, but I'm happy to speak to it.
In my view, you've already started to see the impact of competition. I could sit here and argue that competition creates lower prices and more innovation. I don't think that's even debatable. I think people recognize that, so I won't spend a lot of time on it.
I will say that even with our modest presence in the market since late 2009—we have about 450,000 subscribers and we're in five major urban centres—we're already seeing a dramatic price impact. That is the tip of the iceberg.
On the way it works—and it's very simple to think of it this way—once you've established a real network footprint and a retail presence, the incumbents look at that. They have an ARPU, average revenue per user, at around $57 or $60 per user. Our ARPU is down around the $27 or $28 range. So you do the math. If they want to compete with us once we get a level playing field, they will have to come down in price.
That terrifies them, because every dollar of ARPU they go down costs them about $500 million in enterprise value. There's no amount they won't spend to stop that competition, slow it down, and continue with the kinds of obstacles that have allowed them to establish themselves as an oligopoly. The foreign ownership rules are the primary one.