[biggermike]

> high amount of start-up capital AND high regulatory hurdles AND the low margins

Not independent variables. The large wired broadband ISPs already enjoy economies of scale (access to capital, army of lawyers, etc.) and operate at slim margins. An independent ISP would need to reach the same size just to get the same near-zero margins.

That being said, there is a market for independent ISPs, but they tend to serve specialty customers where margins are much higher.