Russ,

>I'm not sure I see the same linkages you do between 3D-Secure as a 
>replacement for P-cards. Can you elaborate? It seems to me that the two are 
>solving different problems.

To be honest, being a European I don't have all the information
concerning P-cards as they have failed here.  But AFAIK there
is a profile register held by the card issuer.  I.e. this is the
centralized part of this system which I don't like.

3D Secure is a way to move the payer's end-point from
the actual user, to a virtual account to which the user is authenticated.
This virtual account can be shared by an entire enterprise and hold
user profile information which allows highly decentralized and
customized administration. 

Anders



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