The path is clear.Added costs for carrying the iPhone1. Subsidies - immediate impact2. Bandwidth expansion - medium term impact3. Upgrade cycles - long term impact.Benefits1. Subscriber growth - long term market share stability or growth2. Profits laterOne needs to think about phone company profits by "subscriber year". One million new iPhone subscribers in 2012 lead to $x in profit in 2 years. AT&T took early hits because of this but is doing quite well now.