A bold bid for the future--or a reckless gamble? That's what investors in Europe are trying to decide as they weigh the consequences of the huge investment in next-generation, Web-enabled cell-phone systems. With anxiety mounting about the cost, it's not at all clear that 3G is the dream technology for Europe. Here, BUSINESS WEEK examines what went wrong--and contrasts Europe's stumbles with Asia's surprisingly positive experience.
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