I agree - it's currently unrealized. No question.
I look at the NetZero model more than I do anyone else's model in this case. There's some striking similarities to the roll-outs that I think are playing out similarly here.
I wish I knew who the venture capitalists were who invested in NetZero. Those dudes have to be soaking in green at this stage. You can trace back AOL/TW's fall-out back to NetZero, incrementally over the years. People don't generally agree with me, but just ask Prodigy why they ended-up having to sell-out to SBC, later Yahoo! eventually - among others. NetZero was a steady comer, stuck to their guns, and didn't compromise their initiatives moving forward. They're not the greatest thing next to sliced bread, but they were smart enough in their getting their foot in the door that it created sustainability because the paradigm wasn't about being the biggest badass out there - it was about growing their base.