Interesting to see that BT has persuaded Vodafone Spain to allow it to become an MVNO. The Spanish regulator CMT has been forcing the market to accept MVNOs over the last year or so, and there is a long queue of operators wanting to launch services, including Carphone Warehouse and KPN. BT's service however, is aimed firmly at "businesses and the public sector" - a very wise move in my view, as there are remarkably few operators that are able to grasp both mobility and the practical realities of corporate networked IT. I've talked before about the opportunity for enterprise MVNOs, and I'm surprised there hasn't been more movement in this field to date.
The fact that BT is working with Voda again is highly significant. The UK MVNO deal raised eyebrows at the time - including quite a few inside Vodafone itself. I remember being at the original launch of Fusion, and there seemed to be an underlying attitude among the lines of "it'll never work, so what have we got to lose?". I think it's actually quite a wise move - there's clearly a demand for some hardcore PBX-centric bits of FMC, and other top-end international IT outsourcing-style comms services, that Vodafone isn't really positioned to service but BT is. Wholesaling - especially if it's done in multiple markets with similar technical architecture - offers Voda a hedge against limits to mobile substitution in the enterprise.