[QUOTE=Darren]As a subsidiary, but not as an independent. It would be like Comair or B-Med joining as actual carriers instead of subsidiaries of BA. That being said, however, I don't know the advantage of necessarily having Lan Peru as a member other than saying there is another member. I don't remember how Lan Peru works in terms of status recognition and lounge access as an LA subsidiary, but maybe you will get more of both with LP as a regular member. I don't know.
Just finished a trip to Peru that included 3 segments on Lan Peru. They specifically asked for oneworld emeralds and sapphires to board first. Lounge access is not much of an issue as there are no lounges except in Lima. My husband and I were both in business, so not sure if they would have let us in just based on our AA platinum status, but they did also allow our son (who is gold) to come into the lounge. Way better that BA in that regard.