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IPsec vs L2TP



How do IPsec and L2TP relate?
L2TP tunnels PPP frames and will use IPsec mechanisms for encryption and
authentication, at least according to some internet draft.
Why would you want to tunnel the entire PPP frame instead of terminating the
PPP connection at the most convenient, closest, access point and only run
IPsec packets over untrustworthy networks (i.e. the Internet)? Maybe there
are some market driven reasons for not doing so, but I can't see any
technical
reasons for not replacing L2TP with IPsec. What have I missed?

/Eskil