Even 2004 - the big "if" here is the A380 - that needs infrastructure money in the airports, and while Dubai is committed, some of the other airports are getting cold feet about making any expenditures, like AMS this past week. Mind you, AMS is not an A380 problem, but the point is the same - less passenger volume growth makes for uncertainty on the ground.

I would like to take a look-see at a contract for deliveries into 2005-2006 - if Iberia was able to get a bit better than 40%, it is hard to imagine either of the two suppliers willing to see their average selling price stay depressed into the future. There must be some sort of indexing - unless, of course, they really are locked in, in which case it makes great sense to take up options as you mentioned, as long as an airline can afford to spend any non-rev money right now. Few can.