You're right Jim and earlier articles and posting elsewhere weren't clear on that part, everyone originally thought "OR" but the verbage on PayPal now indicates "AND". I've seen a draft of the new 1099-K form in this article....

http://blog.auctionbytes.com/cgi-bin/blog/blog.pl?/pl/2010/9/1283997077.html

That has some additional information on the matter as well.

Should be interesting!