Draw your own conclusions... I found these articles interesting.
Cogent's Reverse Prognosis
http://www.lightreading.com/document.asp?doc_id=10595
Cogent's Finances Revealed in a Filing
http://www.lightreading.com/document.asp?doc_id=9136
Cogent Acquires NetRail's Assets
http://www.lightreading.com/document.asp?doc_id=8005
Telseon: Profitable in 2003 (similar biz model as Cogent)
http://www.lightreading.com/document.asp?doc_id=10903
All these companies are losing their asses...
Metro Providers Retrench
http://www.lightreading.com/document.asp?doc_id=9504
This is a nice article talking about the whole marketplace, although it's 11 months old:
http://www.lightreading.com/document.asp?doc_id=3545
Brad