The merits of Open RAN has become a topic of much debate in wireless circles. This is unsurprising since Open RAN will – or won’t – drive hundreds of billions of dollars of investment by telecom equipment manufacturers, mobile network operators and the investment community as they develop, deploy and reap the rewards of new network technologies. There are, in fact, real dangers in making the incorrect choice. At present, most investment in Open RAN is mis-directed and will offer mediocre returns at best.