The document provides a comparison of Next Generation Networks (NGNs) and New Generation Networks (NwGNs). NGNs, as pursued by standards bodies, aim to provide converged multimedia services over IP-based networks with improved support for mobility. NwGNs, as pursued by research projects, involve re-architecting the Internet from a clean-slate approach. The document outlines key aspects of NGN and IMS architectures, as well as desired properties of future Internet architectures being explored by NwGN projects. It then provides a high-level comparison of the approaches taken by NGNs and NwGNs.