From the editor.

A couple of years ago, e-commerce was all the rage. With the bursting of the dot-com bubble and the onset of the recession, that changed. But the underlying promise of e-commerce -- of using technology to enhance relationships with customers and suppliers -- certainly hasn't changed.

In our cover story, we look at several different aspects of the e-commerce evolution. Consultant Peter Cohan offers a thoughtful overview of what's working effectively in corporate e-commerce and what executives should focus on to make those efforts profitable. Managing Editor Ellen Heffes spoke to KPMG's partner in charge of its media and entertainment practice, as well as the CFOs at The Walt Disney Co. and Comcast Corp. to find out how they view the confluence of e-commerce and content distribution playing out in the next few years. In a third segment, a Bank of Montreal executive offers concrete advice about improving electronic procurement.

The rise of electronic communications networks (ECNs) has brought new competition and uncertainty to the securities markets. Writer Gregory Millman talked with executives at a number of the ECNs and provides both a quick history of their development and insight about what their emergence means, both now and in the future.

Also explored are a couple of accounting issues unrelated to Enron -- yes, they do exist. Prof. Robert Howell, who wrote about improving financial statements in the last issue, has a follow-on article about the importance of free cash flow in driving value creation. Separately, the debate over pro forma accounting has been hot for some time, though it has cooled a bit with the demise of a legion of dot-coins that made pro forma a centerpiece of their reporting. But as writers Jerry...