Absolutely competition.
Regulation is fine. We don't like it, but regulation is fine as long as it's applied equally to all competitors.
Unlike my friend Mr. Peirce, I would say the last auction was a disaster. It forced Canadian companies to pay probably about a $2-billion premium because of the way the rules were set up to get spectrum. That's money that is lost forever in terms of reinvesting into bringing broadband to rural areas.
I'm not sure that the cost of bringing in new entry is worth the price, and that's a perfect example of bad regulation.