AT&T (NYSE:T) has a lot going for it, but at the same time, it's just not enough. Thankfully for its sake, it's one of the top two companies in a market where size really matters -- the U.S. telecom market. That fact alone gives it all kinds of flexibility to attack attractive opportunities in ways that smaller, poorer telecom players only wish they could.

One the other hand, its size, as is so often the case, also makes posting prodigious growth all the more difficult. It's also one of the most impressive dividend payers on the Dow. Taking all this into account, how should investors look at AT&T, especially at the levels it trades at today?

Fool contributor Andrew Tonner has no position in any stocks mentioned. Follow Andrew and all his writing on Twitter @AndrewTonnerThe Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.