The long-rumored merger between American Airlines and US Airways appeared to move a step closer early this month when Tom Horton, American’s chief executive, announced that the two carriers were in “discussions” and that a decision would be made “within a matter of weeks.”

A combination of American, which is expected to emerge from bankruptcy protection early this year, and US Airways would create the nation’s largest airline as measured by number of employees, and the second-largest in terms of operating revenue. It would also complete a cycle of industry consolidation that has defined the past decade in commercial aviation, with Delta Air Lines merging with Northwest Airlines, Continental Airlines joining United, and the latest corporate coupling between Southwest Airlines and AirTran, among several others.

Neither American nor US Airways would comment for this column, citing nondisclosure agreements relating to a possible merger that each has signed. But Aaron Gellman, a professor of transportation at Northwestern University, says he believes that the two parties remain a long way from an agreement, and that ultimately, a deal will happen only “if Wall Street wants it.”

Other passengers see the benefits of a deal. Jason Carns, a physician based in Phoenix and an American Airlines frequent flier, says that a combined airline would offer him more flight options, and maybe the ability to earn miles through more international airlines. “Overall,” he says, “I am very much in favor of a merger.”

Jay Bryant, a vice president for a digital media company in Grovers Mill, N.J., also says that he looks forward to a possible corporate marriage. “I would love to see a merger,” he says. He’s located halfway between the Philadelphia and Newark airports, and after the merger between United and Continental, he was forced to fly through Newark. He would prefer to use US Airways’ hub in Philadelphia.

A merger, while by no means a certainty, is “getting closer,” says Michael Miller, vice president of strategy for the American Aviation Institute, a Washington-based think tank. And both the critics and the supporters make a valid point, he adds. “Consumers will benefit because their frequent-flier miles will be applicable to a much larger network, with more diverse offerings,” he says. “But as with other mergers, flights will be cut and competition will wane. This will mean higher prices for the average flier. But a more stable airline industry also will mean more reliable travel and less turmoil and bankruptcy.”

So what will happen next, and what should you do about it? It depends on which airline you’re flying. US Airways customers will see little, if any, change in the near term, even if the merger moves forward. American Airlines customers will continue to experience the same turmoil as before, including added and dropped routes, new policies and program changes, as the carrier struggles to right itself after exiting bankruptcy.