The Latin America airlines will stay as they are right now, for example LanChile has grown a lot a few years ago, now they got an almost whole new fleet and new destinationns.
All the Latin American airlines have better fare than UA and AA, except of VARIG. CO and DL can be an option, but only for the U.S. that is not the only destination in the world, but people prefer to fly their national carrier, that for other places like Europe are much cheaper.
Of course some airlines will disapear, for example Brasil has four major airlines(VARIG, TAM, VASP, TransBrasil), and all are operating in the red since long time ago due to the bad managment and the financial problems of customers and the airline.
Other thing is that national airlines see the other airlines taking their market and do nothing, for example CO and AA have profitable flight from Belo Horizonte(CNF), to EWR and MIA, VARIG don't have international U.S./Europe flights there, if things goes like this we will be in trouble.
Brasil is a market to grow, but one thing that make us being in this bad situation is this: 35% of the price of the ticket go to the government, while in the U.S. this number is 7%!!