EAL401, they are only axing their business class on short haul routes; it will stay on long haul routes (i.e. transatlantic and whatever other routes they develop).
Even though they are leaving oneworld, they will maintain interline agreements with other carriers in the group, particularly American Airlines.
With regard to LHR, I believe EI has seen the error of just feeding into BA's long haul flights. Much better, it seems to be concluding, to offer its own long haul services. With no developments looking likely this year on US access (thanks to the EU Commission
), we may see EI looking seriously at this option again later in the year. Hopefully they'll get the crew bunk issue sorted out too.