VOIP company Vonage is set to go IPO and this IPO is seen risky by many.

The NY Times has an article today that opens with a photo of a consumer from San Antonio choosing Time Warner Triple Play over Vonage because of the combined lower cost per month.

Cable and Telecom companies are all trying to offer TV, Phone and broadband service in one package (Triple Play). Soon they will go for Quad Play if they have not done so already by adding mobile phone service into the package - One invoice and one hopefully low monthly price.
A single play like Vonage will have to compete with that. I have been a Vonage customer for years. It is a great service and it gives me a cost effective way to have a US based phone number. I still use a local phone service as well though.

Apparently there is a Vonage IPO bashing campaign going on. The blog at ZDNet has an overview what is going on in regards to this matter.
Reuters also carries today a story titled Vonage IPO seen risky.