As I understand it, OW is the only one of the three which doesn't impose a penalty payment on an airline which chooses to exit, which is one of the factors behind it being weakest (I understand Star's exit payment is the highest, being the most restrictive on it's members).

As for OW being "profitable" for it's members, the effect on member airline finances isn't the same as it might be for frequent flyer balances. The alliances have been around for over 15 years and haven't been the answer to the ills of the airline industry, which is why airlines are moving back to more bilateral arrangements.

This is another sobering article - http://www.aviationweek.com/Article....p24-502428.xml - especially as it refers to the "all-but-defection" of Qantas. Bruce Ashby is putting on a brave face but I suspect things have been panic mode for a few months now at OW HQ...