The first step to the eventual merger of UAL/CAL.
I give it one year. CAL will join Star Alliance (IMO, the best alliance out there currently). CAL management will watch revenue stream in from Asia and the west coast, reminding them of why they were planning to merge with UAL in the first place. That along with fuel prices that will only continue to rise will have CAL management watching the red ink spew out, especially during the 4th quarter 08 and the 1st quarter 09. DAL/NWA will have already been approved, and they will have already dethroned CAL as (again, IMO) the best legacy carrier today.
Give it one year. Hopefully this is the start to a much stronger CAL. The airline environment is changing rapidly, and CAL must adapt or else. Star Alliance brings a lot to the table. Most notably, United's strong Asia presence and United's strong west coast presence (especially the money markets in California). I want to see CAL remain the best legacy carrier out there, but there is no chance of competing against the new Delta.