While Sprint Nextel Corp. (NYSE: S) continues losing hundreds of thousands of customers every quarter, it has actually raised the bar on offering cutting-edge smartphones at the same time. Smartphones, which are slowly but surely replacing the standard cellphone for the typical "always need to be connected" consumer, are helping wireless carriers drum up wireless data revenue to replace the lost voice revenue as customers talk less.

Founded in 1999, TeleNav was one of the first companies to deploy GPS navigation on a cell phone in North America. Now, the company has more than 11 million paying end users.

What's next? TeleNav has filed for an IPO.

The flagship of the company is the GPS Navigator, which is more than just a GPS device with cool features like real-time traffic alerts, weather content, route-planning and so on.

For the past few years, Sprint Nextel (NYSE: S) has tried to enter the markets of its affiliate, iPCS (NASDAQ: IPCS). The result has been extensive litigation.

Well, in such matters, money is often the solution. So this week, Sprint agreed to purchase iPCS for $831 million (which includes the assumption of $405 million in debt). As a result, the litigation has been suspended.

Sprint Nextel Corp. (NYSE: S) will be purchasing the prepaid wireless carrier Virgin Mobile USA soon, and the last legal hurdle preventing the finalization of that acquisition seems to be history. Sprint Nextel will settle all the outstanding class-action lawsuits -- many of which see Virgin Mobile's $483 million price tag as undervaluing the company.

So, Sprint will become the leader of value wireless as a result sometime later this year. It already provides the most value-conscious contract wireless customers with values you won't find on any other carrier, like free and unlimited calling at any time to any wireless subscriber in the U.S. on certain plans. Combine that with its Boost Mobile prepaid brand and its $50 "all you can eat" plan, and Virgin Mobile's large customer base, and Sprint's resurgence under CEO Dan Hesse is being built on value more than anything.

TheStreet.com's Jim Cramer says Research In Motion's troubles are an exception to the greatness of the mobile Internet theme.

No, this isn't meant to be a bullish article. I am just trying to put Research In Motion (NASDAQ: RIMM) (Cramer's Take) in perspective because I think that people will confuse the greatness of the mobile Internet theme with the hazards of investing in the BlackBerry maker.

First, you have to ask yourself, what really went wrong with RIMM? Was it demand? No, demand was strong. They actually guided to the upper end of units. The issue was average selling price because it has gotten more competitive out there.

Clearwire Corp.'s (NASDAQ: CLWR) may be able to relieve some pressure on Sprint Nextel Corp.'s (NYSE: S) national wireless network, according to Sprint CEO Dan Hesse. Although Sprint's existing 3G network is touted to be one of the most reliable in the U.S., moving customers to a more efficient and faster 4G network -- like the ones Clearwire continues to launch -- de-stresses Sprint's existing network.

Sprint Nextel Corp. (NYSE: S) was just rumored to be under the takeover auspices of European telecom giant Deutsche Telekom. DT has been rumored to be looking strongly at Sprint Nextel to bolster its T-Mobile USA brand in the U.S. But now, that deal appears unlikely according to Thomas Weisel analyst James Breen.

Deutsche Telekom may be looking to beef up its T-Mobile USA wireless brand with a takeover of troubled Sprint Nextel Corp. (NYSE: S).

Although Sprint Nextel has made strides in trying to keep valuable contract wireless customers, it continues to lose hundreds of thousands of them per quarter. The one bright spot: it's adding hundreds of thousands of less-profitable prepaid wireless customers at the same time through its Boost Mobile prepaid brand.

Sprint Nextel Corp. (NYSE: S), the third-largest wireless carrier in the U.S. who continues losing customers every single quarter, is at least trying to jump ahead of the competition on high-tech service offerings. The company will be expanding its WiMAX wireless internet offerings to 17 new cities by the end of 2009.

Sprint Nextel Corp. (NYSE: S) has taken the next step to delete more costs from its bottom line by sending the management of its nationwide wireless network to Sweden's Ericsson. The deal -- valued at up to $5 billion -- will allow Sprint to offset its declining subscriber revenue and numbers with lowered costs.

Sprint Nextel Corp. (NYSE: S) could be hurting itself by making prepaid wireless so affordable, but for now, the wireless carrier is cleaning up. In fact, Sprint Nextel's only shining light is the acquisition of wireless customers with its Boost Mobile prepaid brand. But, could Sprint's prepaid service threaten the larger wireless companies like AT&T, Inc. (NYSE: T)?

Palm (NASDAQ: PALM) closed at $12.06. Sprint announced pricing and nationwide availability for the Palm Pre phone on June 6. PALM June call option implied volatility is at 79, puts are at 85; below its 26-week average of 99, according to Track Data, suggesting decreasing price movement.

Sprint (NYSE: S) closed at $5.32. S June option implied volatility of 77 is below a level of 93 from May 4 and below its 26-week average of 117, according to Track Data, suggesting decreasing price movement.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

Sprint Nextel Corp. (NYSE: S), the trying to be the"comeback kid" under CEO and telecom vet Dan Hesse, just lost another swath of customers in its latest quarter. The company reported almost an almost $600 million net loss in its latest quarter as its postpaid (contract) customers continue to defect to the competition.

All in all, this quarter wasn't as bad for Sprint as previous quarters. The third-largest wireless carrier in the U.S lost 182,000 wireless customers last quarter, leaving it with under 50 million total wireless customers. Still, the last quarter of 2008 saw Sprint lose about 1.3 million customers, so this past quarter was quite the marked improvement.

Sprint Nextel Corp. (NYSE: S) continues to lose customers quarter after quarter, even as it has introduced some of the most competitive family calling plans in the U.S. wireless industry.

Perhaps that price competitiveness will win more customers back in 2009, but until then, the carrier will have to rein-in most costs to make up for losing customer revenue. First up: jettisoning $20 million in unused software costs.

Recently, I had the pleasure of attending The Summit Series conference in Aspen with 115 top young entrepreneurs and inspiring philanthropists under the age of 35. This event, founded by Elliot Bisnow of Bisnow Media, has created a community of the world's most influential innovators. "We are inspired by events like the Clinton Global Initiative, TED, and Davos," says Bisnow. $200,000 was raised for the four presenting non-profit organizations including NothingButNets.com, Feed Foundation, Invisible Children, and Grassroots Soccer.

These five start-ups were among the most impressive and interesting business ideas: