The competition is hoping United stays alive on life support for a while longer to keep downward pressure on pilot wages and pensions. The UAL pilots are famously concerned for their own welfare and will keep making deals with the devil at the expense of the retirees and other pilot groups. Like everyone else, they have boat payments to make. Sadly, it probably won't make a difference in UAL's survival unless things really improve. Ironically, now that the company is going under, UAL employees are delivering improved customer service and ontime perfomance. Four years ago, when the airline was making money hand over fist, the pilots delayed flights and the FA's were rude and indifferent (on Pac Rim flights, anyway).
Delta has quietly put plans in place for a 2005 bankruptcy filing in case fuel prices don't drop significantly. They will get round two (and maybe three) of the pilot concessions in bankruptcy court a la UAL and US Air.
Look for a couple of major airline liquidations in the months to come...