I like a good feedbag myself.
I too feel this is setting the table for a SkyTeam alliance that leaves CO at the curb. DL/NW/KL/AL looks pretty formidable.
And, whether it's under the SkyTeam umbrella or not, if I were NW I would be taking a good hard look at deepening the HP relationship. At that stage, if an angry CO pulled another HP-type ultimatum, NW could link arms domestically with DL, AS and HP and say, honestly: Who cares?
CO may have played hard-to-get with such arrogance for so long, they're the ones who end up without a date on prom night...
... and I will laugh and laugh.