First off, just because there is route overlap does not mean that capacity will be eliminated. There are revenue passengers occupying those seats today on both airlines at an average of about 80% load factor. Maybe if there were 10 flights a day, they might cut it to 9 to boost load factor to 90%... but I don't even see that happening.
How many pilots got laid off after Delta and Northwest merged? And that was right before the the largest economic downturn since the Great Depression. United and Continental are about to merge right before an upswing in the economy...
I have to admit that I'm pretty jealous. I sure wish I was a UAL or CAL pilot right now. The future is looking up for you guys.