On the benefits to consumers: "This transaction will thus benefit consumers by reducing the number of dropped and blocked calls, increasing data speeds, improving in-building coverage, and dramatically expanding deployment of next-generation mobile technology."

If you think Sprint's mad about AT&T-Mo, check out consumer advocacy group Public Klowledge. "Over the next few weeks and months, AT&T will spend millions of dollars to persuade the government and the American people that their takeover of T-Mobile is in the public interest," says Gigi B. Sohn, president and co-founder of the group.

"They will hire faculties worth of economists who will produce libraries worth of "research." They will donate hundreds of thousands of dollars to outside groups. They will equip themselves with battalions of outside lobbyists, including prominent former members of Congress and will spend millions more in campaign and other contributions. They will blanket the airwaves with ads."

"All of that effort and all of that money cannot disguise the simple, fundamental fact that AT&T in this one transaction will fundamentally reshape the wireless industry in ways that will hurt consumers, raising prices, restricting innovation and limiting choice," Sohn says.