Delta, which emerged leaner from bankruptcy early this year -- after adding more international capacity in 2006 than all other U.S. airlines combined -- is in a much better position to profit from Open Skies.

And depending on exactly how it plays out, the deregulation could help the stocks of U.S. carriers like Continental, Delta and US Airways, previously barred from Heathrow.

And depending on exactly how it plays out, the deregulation could help the stocks of U.S. carriers like Continental, Delta and US Airways, previously barred from Heathrow.

Economy passengers may also benefit, though perhaps not on Heathrow flights so much as elsewhere. Ryanair, Europe's leading low-cost airline, has said it wants to establish an ultra-low-fare trans-Atlantic coach service, most likely between secondary airports like Stansted and Baltimore-Washington International.

America's own top discounter, Southwest (LUV), may not be able to resist doing something similar, though its existing route structure and jet fleet aren't geared for trans-Atlantic service.

If bidding wars heat up in the U.S., Neidl reckons, Northwest could go for $30 a share up from $18 now.

Also, United for as much as $90 a share, versus about $40 now.