The local paper that serves Level 3's headquarters, the Rocky Mountain News has very lenghthy column about Level3 and points out what's going on with the company.
The one item that drew my interest was the comment about the SEC and the way Level3 reports usage and traffic, raising a spectre of doubt in some eyes. What I beleive that is all about is the peering traffic that the Broomfield, Colorado giant carries on their network.
What is clear is that Level3 is in positioning mode. They want to be THE wholesale carrier in the IP space and are going to great lengths and pains to say that. They also are obviously looking to differentiate themselves from their customers, and lastly are acknowledging that their AOL dial up business is in the dumper.