merger of two cutthroat competitors like this, we couldn't help but take a peek. Other than the technology improvements we mentioned, there isn't much talk about consumer benefits in here, and there's absolutely no mention of creating some sort of single satellite radio provider, just the power of combined resources. Most of the talk is directed at shareholders and those "synergies" that help out the bottom line -- to the tune of an estimated $3-7 billion in savings, though a $4 billion "flex" does seem to cast a bit of doubt on those numbers. The rest of the slides deal with plans for getting regulatory approval, which basically amount to arguing the case of intense competition from radio, iPods and other emerging wireless standards (see above). That said, XM and Sirius seem quite confident of success on the regulatory end of things, and look to have put a quite a bit of thought into it. Pending approval from the feds, along with respective shareholder go-ahead, XM and Sirius plan on sealing the deal by the end of 2007.