While I'm quite skeptical that QKD will prove of practical use, I do think it's 
worth investigating.  The physics are nice, and it provides an interesting and 
different way of thinking about cryptography.  I think that there's a 
non-trivial chance that it will some day give us some very different abilities, 
ones we haven't even thought of.  My analog is all of the strange and wondrous 
things our cryptographic protocols can do -- blind signatures, zero knowledge 
proofs, secure multiparty computation, and more -- things that weren't on the 
horizon just 35 years ago.  I'm reminded of a story about a comment Whit Diffie 
once heard from someone in the spook community about public key crypto.  "We 
had it first -- but we never knew what we had.  You guys have done much more 
with it than we ever did."  All they knew to do with public key was key 
distribution or key exchange; they didn't even invent digital signatures.  They 
had "non-secret encryption"; we had public key cryptography.

Might the same be true for QKD?  I have no idea.  I do suggest that it's worth 
thinking in those terms, rather than how to use it to replace conventional key 
distribution.  Remember that RSA's essential property is not that you can use 
it to set up a session key; rather, it's that you can use it to send a session 
key to someone with whom you don't share a secret.  

Beyond Perry's other points -- and QKD is inherently point-to-point; you need 
n^2 connections, since you can't terminate the link-layer crypto at a router 
without losing your security guarantees -- it's worth reminding people that the 
security guarantees apply to ideal quantum systems.  If your emitter isn't 
ideal -- and of course it isn't -- it can (will?) emit more photons; I can play 
my interception games with the ones your detector doesn't need.
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