Where may I direct your free VoIP call?

On the Internet, telephony is an application
– Not necessarily a service, no service must be provided
This implies that if no service is provided, one does not need a service provider either.

"Notice that most medium or larger size companies DO NOT use any outside servers other than DNS when doing email.
So three quick inferences for the phone world from the analogy with email:
consumers and very small business will continue to need someone to operate “voice” servers for them but that service is likely to be bundled AT NO EXTRA COST with ISP service or be “free” and advertising supported.
Larger businesses will operate their own servers and will not require a service provider other than for DNS and basic connectivity to the Internet.
There is no long term business model which supports charging by the minute for voice transport"
Now add to this the recent post from Tom Keating: "Traditional Telephony Dying at the Hands of VoIP", where he cites a report from the Info-Tech Research Group:

"... that 23% of small- to mid-sized enterprises have already implemented VoIP technology and that number will grow to 50% within the next three years.

VoIP is displacing traditional telephony services a lot faster than anyone expected,” says George Goodall, Research Analyst at Info-Tech Research Group. “It means a whole change to the look and feel of an organization’s IT infrastructure.”

While one network that handles applications and telephone calls is an IT manager’s dream, the speed with which VoIP is coming to the market might be an IT manager’s nightmare,” Goodall says. “Senior managers are demanding the cost savings associated with VoIP, vendors are scrambling to reinvent their offerings, and IT managers are scrambling to implement the technology.”

So "service providers" = "telcos" are left with the residential customer, and what they are offering there is not very exiting: it basically simple POTS replacement.
So the (local) phone companies will be squeezed regarding services between enterprise DIY and cleverly branding and globally acting up-starts.

I guess the whole DIY besides dismantling the local phones company won't leave Skype unchanged.
Who will need Skype OUT or IN when all traffic will be IP to IP?

Who will need P2P?

If all VoIP business will be redirecting calls, who will need SKYPE?
Not only: Who will want a proprietary system which obliges you to use proprietary codecs, which obliges you to "IN" and "OUT"?

Who is going to need a new TELECOM?

Who is going to pay a NEW TELECOM?
Wouldn't it be a better investment just buy
VoIP Phones for business? Dear Mr. or Mrs VC, I would be very careful to make a long term investment in something that could be a short term profit.