Well its not a monopoly if you consider it in terms of the services they provide.
Their main competitor for Phone and Broadband is BT. The fact that, as they rightly say BTs network is inherently inferior because of the copper last mile, isnt really NTL:Telewest's problem.
They also have several competitors for TV services including Sky, Freeview, and BT Vision
Whether the competition commission in their infinite wisdom see it the same way is another matter