The worst thing you could do to telephone regulation is to turn it into a state and local regulatory circus, which is what the FCC proposed to do last year, due to Kevin Martin's treachery. I have no idea what legal basis a court found for voiding that regulation, but George Gilder is now optimistic.

The future will see a fibersphere of all optical networks reaching around the globe and linked to customers by a variety of mostly wireless devices. In this radically simpler and more powerful network architecture, the only locality will be the distance reachable at the velocity of light, not at the speed of politics.

Read the whole thing. Personally, I doubt that the local Bells are going to be the ones who bring broadband to the last mile. I favor deregulation because it is cleaner, not because I expect them to step up broadband investments.