Another US MVNO?

Rumor has it that Orange is considering an entry to the US market as an MVNO. A GSM carrier would be a logical choice because it could support their international roaming customers. But as the rumor goes, talks have already broken down with Voicestream and they are talking to Cingular and SprintPCS. You have to wonder if an MVNO is such a good idea given the intense price competition in the US wireless market and the expected consolidation.