Bad Ofcom! says Reding

Euro Commissioner Reding has sent an open letter to Ofcom chastising it for its proposal that mobile termination rates (what operator B charges operator A when A's customer calls B) should be kept high-ish, to include the hefty investments that operators made when buying 3G licences.

I'm in too much of a hurry right now to offer an opinion on this, so what's yours? Is Ofcom on the side of the good and true, or is it playing at keeping everyone happy? You decide...