The document discusses virtualization of the radio access network (RAN) and small cells. It notes that some mobile network operators are taking early steps towards RAN virtualization by extending base station hotels and virtualizing some functions, but not using cloud technology yet. True RAN virtualization will be driven by new low-power deployments, network densification, and total cost of ownership reductions. Virtualization could also accelerate some dense small cell projects. Common core networks, management, and policy tools would allocate resources where most needed. However, there are considerable barriers to fully virtualized RANs, including a lack of common approaches, proprietary early trials, immature solutions, incomplete standards, and skills/cultural challenges.