Politically, there is absolutely no appetite to disband the RAF despite what any so called 'experts' may say.
However, if the cuts are so deep that our aircraft numbers shrink markedly then there may come a point where it is just not practical to have a stand alone force dedicated to air.
That comes back to politics again. I am not sure there is the political will to go as far and as deep as is being suggested (not just the military). Judging by recent speeches and leaks I am of the opinion that the coalition may be looking to apply the brakes a little. We are still an easy target and our eyes will water but disbanding a complete Arm of the forces is not, IMHO, on any politicians list.
And we work for politicians, not uniforms.