Internet vs. Telephone company vs. cable company

I've wondered if the recent advent of cable modems could change our entire
Internet/telecommunications strategy. Provided that the cable network
becomes widely available, more internet users would shift from using
telephone lines for access to cable lines. Couple that with the use of
the internet phone, and the phone line would only be necessary for
communicating with non-internauts. I can see a number of ramifications
for this - companies making money from long distance usage would be rather
upset - and backbone providers would have to upgrade existing circuits to
handle the increase in traffic. Anyone have thoughts/comments in regard to
this as well?

"Yeah, sure.. we can give you high bandwidth to your home. Oh, and did
I forget to mention that you get to share it with 10,000 of your
closest friends?"

Cable modems don't impress me..