"A few years out, the question of whether last week's deal was a good one for AOL Time Warner will probably depend on whether the America Online unit can create the Internet equivalent of must-have offerings like "The Sopranos" and "Sex and the City."

Speaking on condition of anonymity, people close to AT&T and Comcast said last week they did not think that America Online could develop sufficient original, proprietary "must have" services to gain that sort of leverage. They say the Internet itself, available to all comers, will be the primary reason why people sign up for cyberspace service — whether America Online's or the house brand.