•Packing4levelsintoamplitudeswingof2–lose9.6dBSNR •Itisnotjustabouttimingjitterbudgetsanymore! •Bettermanagementofnoiseandreturnloss •FiniterisetimecreatesinherentDDJ •Howtoimplementclockrecovery? •ClosedeyeswithlowerSNR •FECoftenrequired