I am fascinated with the amount of work that Google seems to be investing in the 700 MHz band, and how little attention it has garnered to date. I think ponying up $4.6 billion will change that.

From the Google Blog:

Why $4.6 billion? While we think that a robust and competitive auction based on these four principles will likely produce much higher bids, and we are eager to see a diverse set of bidders competing, $4.6 billion is the reserve price that FCC has proposed for the auction. With any concerns about revenue to the U.S. Treasury being satisfied, we hope the FCC can return its attention to adopting openness principles for the benefit of consumers.