The model does work pretty well.
I think we could do with a bit more government investment in infrastructure, because government is really the only entity that can drop a trillion dollars, then wait 40-50 years for its returns. (Well, them and pension funds, but neither has exactly shown great financial prudence lately.)
I just... Have a hard time articulating why infrastructure is important, because it's just so glaringly obvious from my perspective that it is. I mean, we see infrastructure everywhere in nature -- from the layout of bacteria mats to ant colonies. The idea that our society can be vibrant without having to perform those basic functions is absurd.
So it makes sense that the lives which depend on the services should control the final delivery network when it's not possible to deploy more than one or two -- eg, FTTH should be utility, cellphones should be a market; roads should be (largely) public, etc.
If the US's power is its people, then infrastructure is what allows us to maintain and focus that power.
The the access provider for both the copper and fibre network (right to the customer premises) is a regulated wholesale only provider, which is required to provide open access to its network on a non-discriminatory basis between all access seekers (retail telecommunications companies).[0]
This almost entirely resolves the net neutrality debate in New Zealand.
[0] This is a slight simplification: Chorus is the network owner for the copper network, and about 70% of the fibre network. The other 30% of fibre network is also built, owned and operated by wholesale only providers on a comparable basis.