I was about to write almost the same type of commentary, but Mark beat me to the punch.
While 8 x 8 is clearly trying, I don't think they have come close to turning the corner. Their burn rate is increasing, and while subscribers are growing, one has to wonder about the costs that they will start incurring to deliver E-911 service to their customers.
They also have some R&D going on for new products and offerings, including a softphone for video. While they need to do that in order to drive more adoption of the video phone, they also have to start cutting their losses and stop floating on the cushion from their stock sale.
The only real way they can do that is to start seeing massive adoption and that means all the MLM and reseller deals they are doing have to start showing results. According to a few resellers who have messaged me privately, they are rather upset with Packet 8's new direction and may be looking to take their customers elsewhere as their contracts expire.