Just a few years ago, this question would have seemed silly. Cellular phone service was still far too expensive to replace regular "land line" service. However, competition has forced carriers to lower their prices repeatedly to compete for a limited pool of potential customers. As a result, cellular rates have dropped dramatically. When you combine this local market price war with the new flat-rate services that offer regional or nationwide service, including roaming and long-distance service for as little as 10 cents a minute, it's clear that prices have nowhere to go but down.

Is the time right to give up your traditional phone and go all wireless? If you don't spend too much time on the phone, and if you're satisfied with the service and quality of your local cellular carriers, then it's worth considering. If you still make a lot of local calls, however, or if you run an office that requires a more complex multiline phone system, then you'll want to keep a land line for the time being.