Although Steve Creedy's JV tag is a little too much journalese, the deal is good for the market provided V do not see it as a cute way of freeing up a few of their 777's to go elsewhere - the thing we must remember is that almost every international route now comes with a reciprocall bilateral obligation (or the connotation thereof).
Both Delta and V have Pacific access - even with diminished yeilds there are still Aussie crew flying - it's important to keep this notion and encourage both companies to look at the 'whole of network' integration rather than sector pax/psm. Simply we must avoid cannibalising the existing Pac route approvals otherwise, ultimately it will open the way for the likes of SIA which would cut Aussie jobs.
AT