If the TOC areas are split/joined as rumoured, it will be the first significant change of the "franchise map" since the SRA formed the current set in 2004-06 - three TOCs would be reduced to two, though they will both still serve the West Midlands.
Presumably East West Rail services will go to the WM business unit along with Chiltern.
Where does that leave the Marston Vale line, the only diesel-worked line in the ex-LNWR basket?
Presumably also, the class 350/730 fleets will need to be split.
The planned Birmingham-Manchester Airport service will be awkwardly set between the WM and WC operations (not to mention Northern).
For the WM business unit, the West Midlands Mayor can hardly control services south of Coventry/Leamington or north of Wolverhampton.
Another presumption would be the WC operation being the operator of HS2 services when they come (as Virgin/Avanti has been to date).
It will also mark the end of FS/Trenitalia interest in the UK rail market.
I'm interested to know what WCML infrastructure enhancements will flow from this announcement that are not already in the CP7 funding package.
There will be no new trains for the WC operation as both current TOCs have just completed their major class 80x and 730 rollouts.