Not only are there too many hubs, we actually have a surplus of wide bodies. While we need long haul replacements for our thinner routes currently using the 757/767 fleet (which is falling apart), we have an abundance of 772s that they will place on Europe flying this spring. Way more capacity pax and cargo then is needed, versus a 764 or 332 that the other carriers are using. Meanwhile, even with the olympics approaching, the south american economy is killing the load factors.
Bottom line, probably see more consolidation at the international level anyway. Thank goodness for cheap oil to offset some of this, but still, something has got to give.