This issue of the COOK Report explores peering, transit and exchanges for the first time since about 1999. While a lot has changed, a lot remains the same.

Estimates of the capacity utilization of the Tier 1 backbones show them to be lightly utilized ... Over the past five weeks we have had conversations ... [which] suggest that the [Tier 1] oligopoly is engaging in behavior that could blow up in a manner similar to the capacity swaps that blew up earlier this year.

ISPs are beginning to use tools to do load balancing of their upstream connections in real time.

The Tier Ones, by peering in their tight oligopoly, may have rendered themselves irrelevant.