Om thinks that Earthlink needs to get more aggressive. I think they need to get smarter. All indications are that they are suffering from bloat and growth but that their middle management is not really in sync with the CEO's vision. They have too many parallel product offerings and don't get their story out really clear.
The idea that Om is floating makes a lot of sense. Covad's team knows how to execute and their new wireless (i.e. WiMax) team is top notch. Blending Covad and Earthlink would be a great mashup.