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Everyone loves a good tech IPO...until it comes to Vonage. The blogosphere has not responded to Vonage's S1 filing with open arms, to say the least. Is anyone excited about this IPO?

Some highlights:

Om Malik: I spent the evening reading through the entire [S1 filing], which frankly has more red-flags than the great Boston dig. And the biggest one is churn. Why is churn important? As someone who has sold internet services to consumers explains, “Churn reduces the lifetime value of a customer which affects the amount you can pay to acquire them. You can see how these problems compound and exacerbate each other.

Source: Is Anyone Excited About the Vonage IPO?