Comments on Noncommutative Open String Theory: V-duality and Holography

In this paper we study the interplay of electric and magnetic backgrounds in determining the decoupling limit of coincident D-branes towards a noncommutative Yang-Mills (NCYM) or open string (NCOS) theory. No decoupling limit has been found for NCYM with space-time noncommutativity. It is suggested that there is a new duality, which we call V-duality, which acts on NCOS with both space-space and space-time noncommutativity, resulting from decoupling in Lorentz-boost related backgrounds. We also show that the holographic correspondence, previously suggested by Li and Wu, between NCYM and its supergravity dual can be generalized to NCOS as well.