I agree DP and the LCC management team has done a decent job given a poor hand.
The question is what LCC brings to the table in a merger. From a business perspective, I see a few more cities served, particularly small cities in the Northeast and Southeast. Also, there will be some DM loyalists who will transfer their business to the merged entity. On the negative side, I think there will be tremendous merger costs, disruptive labor relations, incompatible fleets, a very different culture, and the cost savings will largely be the cost savings from closing US hubs. I realize there is some value in having a loyal customer base in places like Winston Salem but this is nothing like the value NW or CO brought to DL and UA.
Any merger is one that only those making money off the merger itself will value.