I can't rebut everything that Adrian writes. In fact, I agree with him in many areas. XM has a bit of an identity problem. It has stumbled badly in the past. It has an income statement that is best seen through bloodshot eyes.

I can accept that because XM Satellite Radio (NASDAQ:XMSR) is priced as an imperfect company. The upside is there for the plucking.

XM isn't going away. Adrian detailed many of the major alliances that XM has struck lately, and he ran out of room before digging into other deals like being featured on JetBlue (NASDAQ:JBLU) flights, being paid to serve up Google (NASDAQ:GOOG) ads, syndicating content to CBS (NYSE:CBS), and a wireless subscription deal with Alltel Wireless (NYSE:AT).

Adrian is upset that XM Music Lab bit the dust, but isn't that actually an argument in favor of satellite radio in general? XM has opened up ears, and I doubt that discerning tastes can ever turn off XM's 74 music channels -- 69 of them commercial-free -- and go back to formulaic terrestrial drivel. I bet that Adrian can find several other worthy XM stations. Just turn that knob toward the 14 rock stations that start at 40 through 54 -- and tell me if that isn't better than flipping over the FM band or rehearing the same owned tracks through his Apple Computer (NASDAQ:AAPL) iPod.

I know that I can't go back. I subscribe to both XM and Sirius, and I still can't get enough!

But Adrian is correct in pointing out the red ink that's been something out of a hallway dream sequence in The Shining. A great company can still be a lousy stock if it doesn't make money. That's why I'm encouraged to see everyone expecting losses to narrow as the company inches closer to becoming a cash flow feaster.

It's going to happen. You see it in cheaper receivers that XM won't have to subsidize and new revenue streams that will fatten the potential of every incremental subscriber. So hold tight, Motley Fool Rule Breakers newsletter subscribers.

Think you're done with the Duel? You're not! Go back and read the other three arguments, and then vote for a winner.

Longtime Fool contributor Rick Munarriz has been a Sirius satellite subscriber since 2004 and an XM subscriber since this spring. He does not own shares in any of the companies in this story.The Fool has a disclosure policy. Rick is also part of theRule Breakersnewsletter research team, seeking out tomorrow's ultimate growth stocks a day early.