This is an unbelievable upset victory for Republic -- achievable only through the dysfunctional nature of pilot unions (which, of course, only exist through a quirk in the law that allows these professionals to unionize). This was a slam dunk winner for Southwest's shareholders AND employees, and it fell through their grasp because they essentially put it to a vote of their pilots. As we've seen time and again, pilots are incapable of rationally deciding seniority issues. There are countless examples, but Exhibit A is the infighting at US Airways between the old America West pilots and the old US Airways pilots, and now this is firmly "Exhibit B."
It's also a slam dunk win for Frontier's customers, who get to keep their above-average airline -- and more competition in DEN. Whether it's a win for Frontier employees is a harder question. I guess that's an individual question as to whether you'd have a job with a Southwest merger, and the unknowable prospects of Republic now running the business.
I feel sorry for everyone at Southwest, but when David beats Goliath, you have to smile.