Fantastic analysis Gatovolador!
The big question for me is: how will this affect Oneworld flights and connections? I travel in/out of Valencia, connecting to AA in either Madrid, Paris, or London usually, with California as my final destination. Once the merger is finished, do you believe it will be possible to have an itinerary like IB5XXX/AAXX/AAXXX booked as a single ticket? The current arrangement seems to only allow this in the case of full fare Y tickets. If you try to book for instance IB7704/AA135/AA3140, the price comes out to over $5,000 in Economy. So for some reason, the IB5XXX and IB7XXX inventory available to Oneworld partners is only full-fare.
Do you think Vueling will eventually be added to Oneworld as an official Iberia affiliate?