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Kevin's post is very good - with one exception - internal modems (all ISA at that time) were ALL hardware modems until a few years ago - when Winmodems started appearing. Yes, until recently all *PCI* internal modems were Winmodems - and there are now hardware models appearing.
My preferences are - in this order:
1. If you have an ISA slot, you cannot beat a good hardware internal such as a Supra Express 56i (USA only) or a US Robotics Sportster NON-winmodem.
2. No ISA slots? Go with a quality external serial modem.
3. If you have no ISA slots and do not want an external, look for a hardware PCI modem such as the Zoom 2920 or the USR Performance Pro.
Decent Winmodems are fine on a powerful machine for casual use (websurfing, etc.) but impact heavily on gaming performance. The best Winmodems in my opinion are the Lucents.
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