from the EDITOR.

Not so long ago, technology companies in the B2B and digital marketplaces seemed to be operating on a Field of Dreams model: Build it and they will come.

Then came the "tech wreck" of 2000 and a sharp business slowdown in the last two quarters, creating new pressures to deliver on what is still a technology in search of a mass audience. "With few notable exceptions, B-to-B e-commerce has been more bust than boom," wrote researchers at the Aberdeen Group in a white paper published earlier this year. "The absence of short-term ROI [return on investment] for many e-commerce technologies and the inability of most e-markets to achieve substantial liquidity are causing a backlash among businesses that are beginning to demand results from their investments."

Results have indeed been spotty, and some of the biggest and most-ballyhooed exchanges -- Covisint, Transora, Converge -- have been slow to develop. Few observers question the promise of industry-wide buying consortia and exchanges, but the logistics have proven difficult. Simple transactions are getting done, but volumes are still low and regulators have been sending up caution flags over perceived issues like collusion and unfair pricing.

"It's a very interesting and confused space at this point," the CEO of a small Silicon Valley technology firm told me. "I think it's losing momentum. A lot of these [exchanges] are just sitting in the water." Others agree, noting that Covisint -- the much-heralded exchange involving the major automakers -- had by mid-winter done only a couple of auctions.

It's against this backdrop that our special section on B2B networks examines a series of key issues confronting companies in that arena -- among them infrastructure, risk and security, payment and settlement. While CFOs may not have the whip hand in running these networks, many have come to realize that the payoff isn't imminent, and that older, proven technologies for procurement may still be carrying much of the load.

Our cover story looks more closely at e-commerce in the business-to-consumer area, where there have been famous disaster stories in the past couple of years (names like eToys and boo.com come to mind). These days, having a "clicks-and-mortar" strategy in place -- involving both a physical and a cyber presence -- seems to be essential. Writer Greg Millman examines the varied experiences of three major companies, whose financial executives have different levels of satisfaction and expectations.

Amid rumblings about a shortage of accounting students in the pipeline and grumblings about accounting education, Managing Editor Ellen Heffes asked Mary Stone, president of the American Accounting Association, for her views. Stone's detailed and sometimes spirited defense of the profession makes interesting reading. Then there's the article on share repurchases, developed from a study sponsored by FEI's Research Foundation. It appears that buybacks are most effective at underperforming companies -- food for thought at a time when more and more companies seem to be falling into that category.

Lastly, look on the following page for the results of our first Web Survey and the questions for the next round. Thanks go to many of you who took time to respond.