700MHz auction: What's really up for grabs, and why it won't be monopolized

Last week, the FCC released several hundred pages of rules for the upcoming 700 MHz spectrum auction, and they're already stirring up a bit of controversy. The Wall Street Journal ran a piece today on the fact that the rules will not prohibit a single buyer from snapping up the two national sections of the spectrum. Even though such a move is unlikely (it would be expensive, and the two bands have very different build-out requirements), the article shows the continuing fascination that people have with the auction; even rules it doesn't have can make news. Let's dig in a little deeper and get a handle on what's actually for sale.