-They have their traditional ISP biz, complete with email and instant messaging.
-They have a browser through Netscape
-They have content through TWX....lots of content ...Features ...Television ...Music ...written publications ...Ted Turners library of old flicks
-They have last mile access through TWX's cable holdings (roadrunner). And look they are going international with last mile access with this announcement today. http://biz.yahoo.com/rf/010430/l30542331_6.html
-How long before AOL starts offering voice/telephony services?
AOL is going for both horizontal and vertical control of their markets. I believe that the moves that they are making can make for a huge conglomerate going forward. But I am surprised that you don't hear more about anti-trust concerns. MSFT has nothing on AOL in this particular area IMO, when you consider the content and distribution abilities.