Quote from: penig on January 04, 2018, 11:10:53 AM

If there's a fee to open/close the channel, and I only make a single transaction with the other party, how is that different to the existing fee structure?

For just one transaction, you'll end up paying more in fees than without using LN.

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If i make regular transfers, do i simply keep the channel open for all future payments (say with exchange)?

Correct.

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As far as i can see, LN makes it cheap for bulk tx but not really helping the user with individual tx. I hope i'm missing something.

It's very likely (centralized) hubs will emerge: you open 1 channel with the hub, and the hub has many other open channels. Say Bob <> hub <> Alice, or Bob <> hub <> exchange <> Alice.
As long as you don't close the channel, you can keep using it without paying on-chain fees.