"The final break-up of Skype by eBay may very well be an opportunity in disguise," said Jopling in an e-mail report. "Skype has the opportunity of a new start, but even this re-birth has questions as a possible initial public offering in 2010 would be at the worst of times and suitors seem to be few. Expect the new Skype to go back to basics, which is its core consumer business. Secondarily, Skype will emphasize its mobile and enterprise business opportunities. Both of these have not been easy going in the past, but the recent massive number of downloads of represents a significant achievement in the mobile space."

However, Jopling noted that Skype will still come out facing some massive competition and that won't make success come easy.

"The Skype story has only been partly told," he added, "and at this time whether it will be a tragedy or a good news story is far from known."

Juan Carlos Perez of the IDG News Service contributed to this article.