Doubt the goose would be flying, Although the toothpaste scheme wouldn't be around.
The Onex bid strategically stated that the new entity would be Air Canada with Air Canada's then current color scheme. The Management team was to have been AC (i.e. Milton etal) so no change there.
Aeroplan would be completely spun off and a separate Onex company. Onex would then be spinning out Aeroplan instead of ACE.
Doubtful that Zip or Tango would be a reality. The fare structure would be more inline with the American situation.
Westjet would have done better as Onex would stipulate a required profit level and then send in outside managers to try and turn AC around. Milton would be gone but an outsider would be the replacement.
In short, I see a larger Westjet with about 60+ aircraft. A smaller and much more expensive Air Canada still shrinking from Westjet expansion.