It seems the end result, as you mentioned is going to be these worldwide networks (Star, SkyTeam, etc) will become the airline. Today's majors will simply become contract lift just like their regionals. Planes won't be painted as United, US Air, or American but SkyTeam, Star, and OneWorld and the company logo is just a footnote somewhere in small print by the door. Contracts will be awarded to the lowest bidder and the whole thing will just be like the regional world today but on a worldwide scale. Worked great for the regionals, so why not the whole system?