As an ex-Conexant in the early 2000,I agree with most of the analysis. Broadcom and Conexant are neighbors in Newport and many Broadcom employees are from Conexant. The only major difference is the vision of the management team. As far as I can remember, Conexant's CEO Dwight Decker was a nice guy, and we didn't have a strong CTO (don't even remember the name, or did we have one?). I was told Broadcom's CTO Henry Samueli was a visionary, so that might be the difference (in addition to the M&A strategy).