Repeatered line design for long-haul coaxial systems centers about the equalization of the 4000-mi (6400-km) cable loss. In the L5 system, which provides 10 800 toll grade quality message channels on a pair of 0.375-in (9.5-mm) coaxials, this loss is over 120 000 dB at the highest message frequencies and is compensated with a variety of fixed and adjustable equalizers distributed along the coaxial line. This equalization must be achieved while at the same time providing an adequate signal-to-noise ratio. The significant properties of the coaxial medium and how they affect the "hierarchy" of equalizers traditionally found in long-haul coaxial systems are described. The manner in which the various levels of equalization relate to each other and to the fundamental transmission phenomena within the system is considered at length. The paper begins with a discussion of the evolution of highcapacity systems and the particular role that the L5 system is expected to play in future long-haul system planning.