>> Case 1 and 2 are ties in my eyes, except the channel bank would
>> provably be cheaper to upgrade to 8 lines.  I am just afraid of the
>> channel bank.  I just don't know anything about them.  If I buy the
>> wrong crap, it gets really expensive fast, plus adds another layer of
>> complexity.

You could also talk with your local phone company and other CLECs to find
out pricing on fractional voice T1s/partial PRI.  Depending on the
locality, the breakeven point is usually 6-8 lines.  You might even be
able to get a deal on a hybrid data/voice circuit.
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