2:55 PM -- Is the wait for a renewed Clearwire LLC (Nasdaq: CLWR)-Sprint Corp. (NYSE: S) partnership starting to feel a bit like the wait for Chinese Democracy (The Guns and Roses album, that is) to anyone else?

I mean, they're both massively hyped and, outside of a sticky coterie of insiders, nobody really gives a damn about either "event." And both are likely to be a damp squib when -- or if -- they do actually arrive.

I mean how many white knights has the WiMax venture supposedly had so far? Best Buy, Google (Nasdaq: GOOG), and Intel Corp. (Nasdaq: INTC) were said to be talking about a $2 billion rescue at some point. (See Clearwire & Sprint: On Again?.) Now the cable guys are supposed to ride in and save the day. (See Analyst: WiMax Might Scratch Cable's Wireless Itch.)

I'm not saying it won't happen, but I do wonder if it should happen. Clearwire has already had billions in funding and will need billions more to help establish WiMax and only about 18 months to make that happen before serious cellular competition arrives. (See WiMax's Narrow Window.)

At what point does further investment become an act of throwing good money after bad? Maybe Axl Rose can chip in with a few dollars...

— Dan Jones, Site Editor, Unstrung