What is a regional exchange point?

I was asked today to provide a definition of a regional
exchange point and what services it provides. I have talked
plenty about what a regional exchange is, but never had to
define it. Google isn't helping.

How does this sound:

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A regional exchange point ("REP") facilitates traffic
sharing between networks within a local or regional area
(such as a city, metro area, state, or multi-state region).  
Benefits of a REP include: faster, more reliable connections
for network users in the region; lower Internet bandwidth
costs for participants who exchange regional traffic
locally; enabling or improving latency- and jitter-sensitive
applications that are less- or non-functional over national
IP networks.

REPs may be created through a single switch (Ethernet, FDDI
or ATM) at a single central location, or connect members
virtually through circuits or shared ATM, frame-relay or
Ethernet services. Some REPs use a combination of methods.

Even though a REP may be focused on intra-region traffic
exchange, participants at the exchange may also exchange
national traffic, particularly if a REP several attracts
national network providers.

REPs usually offer services or facilities to support peering
between participants, including bi-lateral (negotiated
individually between networks), multi-lateral (join an
existing group of peers who all agree to peer with each
other) and other types of peering methods.

REPs may offer or facilitate other services. Some REPs allow
Internet bandwidth and other network services to be sold
over the exchange (called a "transit exchange"), so
participants can peer and purchase network services at the
same place. Some REPs provide co-operatively-purchased
bandwidth and national peering services to their
participants. Other services that may be available at a REP
(either as a service of the REP or a collaboration between
participants) include USENET news services, Web caching
hierarchies, and content acceleration.

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Any changes you'd recommend?

Pete.