Open Skies elminates the traffic rights restrictions of Bermuda II, but doesn't provide immunity from Anti Trust legislation where carriers collude to the detriment of the consumer. VS have already begun rattling their cage over the dominant market position AA & BA will have at LHR by working together. Whether that applies to co-operation on FF schemes as well as revenue & profit sharing, agreements on scheduling etc etc is far from clear.

The other question that's been raised in other threads is the impact reciprocal earning and burning will have on the more lucrative premium cabins and whether this is in AA's interest or not.