In the short term, iTunes is still sitting pretty, but the challenges are mounting. We've only just begun this new paradigm, and there's still time for the playing field to shift. Remember that AOL was a dominant technology company at one point, and that, similarly, iTunes is little more than a portal to content available elsewhere. "The question," as Smith puts it, "is whether there's such a thing as broadband in the iPod world." For the time being, hold the phone.

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