Such major consolidation would definitely not be good for consumers, and I believe that the government would prevent it from happening. I think the UA-US deal won't get through unless they do so major changes to the proposed deal, shedding a lot. I would think being forced to shed such dominance in so many big markets would keep them from consummating the deal.
Of course, who knows what will happen if W wins. I'm no fan of Gore for by a long shot, but I shudder at the possibility that these mergers could go through a GOP DOJ.