PalTalk, Inc. operates a private label conversation platform. IM, chat rooms, voice, video. VC funded, Silicon Alley survivor. 3.5 million active users they say. After the eBay-Skype acquisition, all the PalTalks of the world are grooming themselves for sale. What self-respecting portal, cableco or PSTN operator, in the US or around the world, would be without one? When ROI evidence turns up, watch large enterprises and government to follow. Some will try to build their own, but most will opt to bid for a solution. What must your firm's profile show to qualify for a Skype-like valuation? Will some characteristics make you more attractive to telcos? To an industry or enterprise? To government? And which bankers will bring you to market? Maybe O'Reilly should set up a VC panel at Etel; the timing is right.