I met Peter Sisson of Teleo yesterday at the Internet Telephony show. What I heard was they want to be Skype like but more like your traditional phone company. In essence they have built something that is based on a PSTN approach that blends SIP technology into the architecture of Unified Messaging. Nothing that they are doing is revolutionary or breakthrough. Other companies have been doing what they are doing, routing calls over the Internet using SIP. What they have done is packaged up the idea and branded it as a proof of concept for eventually private label sales.
Sisson also dismissed the rumor that John Doerr is an investor.