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This paper evaluates the performance of a mesh optical burst switched (OBS) network that implements tunable lasers and tunable wavelength converters to realize the optical label setting and optical label swapping functions. We define a realistic service evolution scenario and based on that create a realistic future traffic input scenario for the OBS network. Network simulation studies are carried out in slotted operation. The mechanisms that govern the operation of this network are revealed together with a number of design tradeoffs.