[vithlani]

And what about the other stories about bad cabbies and other people's not-so-good experiences with the traditional system?

I reckon services like Uber are a good way to shake up the in-inefficiencies and built-in-slackness that accumulates within a protected service industry. There is absolutely nothing stopping the "real" taxi industry adopting apps and tech services to counter Uber -- in fact they would be way ahead in other more "background" aspects such as insurance, vetting drivers, heck, even brand name awareness among the general public. For example, we had taxi companies put out apps here in Australia long before Uber. In my experience they have been about 90% reliable (this was in the early days) and I'm certain they have improved now. And the taxi companies definitely have the pockets and data to drive this.

Once the shake-up is complete a set of equilibrium should be established -- as services like Uber would also be forced to implement proper checks on drivers, etc. At which point the idiots spouting off $18 billion figures should wake up from their dreams.