I agree with the fact that Square numbers are not as impressive they seem, but I keep reading bloggers that suggest that the current Square model is enough to attract high volume merchants, and I can't see that happening: If having an iPhone in the cashier stays as a requisite to use the Square PoS it'll be a long shot to get those kind of merchants.<p>In the current state it's hard to see how an SmartPhone based product can handle merchants with multiple cashiers or those with ERP integration.<p>I also support the idea that a really disruptive payment instrument must include an alternative to big card processors (i.e. VISA. MC, AMEX, etc), until then you'll just have a very cute PoS machine.