It is indeed interesting how this whole mess that LATAM has landed in is being masqueraded as something great. The bigger loser here is LATAM and the only winner is DL, and possibly AV/Copa/Star (which all of a sudden becomes extremely attractive to business travelers). SkyTeam will continue to degrade, and partly drag oneworld down with it.
While most people downplay the importance of alliances these days, large airlines with huge home markets really benefit from alliance memberships. It may not be useful for Tarom or Czech, but an airline the size of LATAM is not in the same boat. While LATAM is pulled out of the alliance scene; all of AV, Copa, DL, AA, IAG, AF/KL will still be part of one alliance or the other. AV's Star Alliance membership benefits will far outweigh LATAM's bilateral partnerships, reducing LA's attractiveness for business travelers. Not to mention, DL and AF/KL is not going to even come close to what AA/IB offered in terms of connectivity or market relevance in South America. The signs are not good for LA. Even the whole thing about retaining bilateral partnerships with all other oneworld members other than AA screams of desperation!