Bethune on CNBC says this is "Check mate" in the airline industry, yet it appears he has concerns about the execution. He does think Smizek would be the man to do this, if it can be done.

I do think that, after Glenn and Jeff quit hugging, kissing, and gushing with pride like newlyweds, there are going to be some legitimate questions about whther this will be done right. Undoutdedly, you've got probably the leading brand worldwide if this gets done, but that's just it: will it be done right?

I think your unions might be smart to put a little emphasis on the "execution risk" aspect of this merger. There's money to be made in offering a smoother execution.