There are fundamental laws of physics that make such a proposition a long
way off.
Limits on peak power, energy, RF bandwidth, and aperture (antenna) space
still place very real limitations on peak bandwidth and total capacity in
both the satellite and the personal unit.
There is such a demand for bandwidth that the market can support multiple
coexisting (symbiotic?) technologies, each adapted to a specific
environment.
Could hand held satellite phones kill UMTS even before it takes
root, as the key tools for personal high bandwidth internet access?