Lots of fluff. Maybe it means more partner award availability for each other's flights, maybe. Until they announce tangible benefits for each other's elites aside from *A Gold this doesn't seem all that exciting.
Align customer policies for greater consistency and enable the seamless provision of onboard products, establish airport co-locations where available and provide extra value to each carriers' frequent flyer programs.
Perhaps this is paving the way for the fact that the MLL at EWR is gone forever and will be co-operated by the United Club in the new Terminal A as rumored?