I agree, Virgin adds little or nothing to SkyTeam's network. Plus, Singapore with its 49% stake in VS would probably not be keen on Virgin joining up with a competing alliance to *. Now if we could get both SQ and VS.... yeah, dreaming.

As graraps suggests, the addition of Malaysian and Aeroflot leaves one gaping hole in SkyTeam: South America. With Continental already in ST, the smart money is on Panama's COPA (49% owned by CO) to join SkyTeam before some of the others mentioned. That said, COPA doesn't have much local Panamanian traffic and competes with Delta on North-South routes. DL's increased emphasis on South America makes me think COPA won't be exactly welcome in the SkyTeam fold, from DL's perspective.

A couple of up-and-coming realities make me think Avianca is the best and likeliest candidate for a new Latin American member of SkyTeam, perhaps as an associate member if that concept takes off. To those who are watching, Avianca's new owner is plainly building a trans-national airline in northern South America. Within days of buying Avianca, his group announced investing in a 49% stake in an upstart airline in Peru (the name escapes me). Added to OceanAir, the buyer's original Amazonian regional carrier, an Avianca-centered counterweight to LAN (a oneworld member) appears to be in the offing. AV's SkyMiles partnership and DL codeshare, plus its relatively good relations with Continental mean the singeries with SkyTeam might just work for Avianca.