Here is a note that I drafted for a discussion forum in May 2005 about the prospects for an OW merger. I pulled it out and read it this evening. Sadly, the situation has not changed very much, despite the optimistic noises and suggestions that occasionally emanate from commentators such as Robin Miller. Here goes:

One idea that I have seen floated on a message board in the last few days is for a merger between the two competing OW series along the lines of the F1 arrangement where the FIA controls the regulatory and safety side, and the F1 teams (via Bernie Ecclestone’s corporate structure) control the commercial and operational side.
In F1 that arrangement evolved over time because Bernie Ecclestone proved that he could take a raggle-taggle collection of poorly-structured races contested by enthusiastic semi-amateurs, and convert it into a highly-organized, highly lucrative, high-profile series. The FIA ended up with the regulatory side because (a) they had no real competence in the commercial side, and (b) both sides, after the infamous 1980-81 battle over regulations, realized that a working peace was better than consistent skirmishing, and made peace (a peace largely regulated in the Concorde Agreement).
Unfortunately, the situation here in American OW is not quite the same. Currently we have a battle between a venue owner, (who, infuriated by what he saw as a lack of respect, started his own race series using his inherited family businesses as collateral), and a group of self-made entrepreneurs who bought the remains of a rival series.
Whichever way you look at it, Tony George, in terms of his motor racing track record, is not fit to shine Bernie Ecclestone's shoes. He has spent a godawful sum of money over the last 10 years on the IRL, and does not have a series in any meaningful sense of the word. One great race doth not a series make. In the meantime, OW racing has been split from top to bottom at all levels - drivers, teams, sponsors, and (dare I mention it because we need to be yelling this from the rooftops), THE FANS.
I am reserving judgement on the OWRS principals, except to note that KK and GF do seem to be trying to adhere to the Roger Penske principle of keeping fairly quiet, working to a well-structured plan, and putting their money down to show that they are serious.
Of course, while all of this is going on, NASCAR continues to consolidate its position as the #1 form of top-line autoracing in the USA...
One other thing. At the moment people are focussing on the possibilities of a merger (of some sort) between the IRL and OWRS. What we need to realize is that it's not just the top flight of American OW racing that is broken. The whole ladder series system is also broken. At the second level, we have Toyota Atlantic, which has been sliding towards life support, and IPS, which, bluntly, is a joke right now. If there is no clearly-defined ladder series through which talented young drivers can progress, then fixing the top-flight will not address one of the major complaints of OW racing fans; namely that the OW series are currently dominated by foreign drivers. They are, but that is because racing in a European or South American OW feeder series will equip you far better for OWRS and the IRL than racing in the US feeder series.
So...it's all fine and dandy for folks to be burbling about a merger of the top OW racing series, but here are some conditions that must be met for this to have any chance of success:

1. The merger must result in a durable peace. It will be worthless if, as soon as an issue arises, the two sides start battling again. Sponsors, business partners and the fan base will not stand for it.
2. Any merger must not result in one party having veto control over any strategic aspect of the system (which means that TG's demand for 51% is a deal-breaker. Does he think that OWRS came down from the hillside with the last rainstorm?). If no one party has veto control, then everybody will have to work together, and dirty words like compromise and win-win may just become working principles instead of quaint notions for wimps.
3. The merger must result in a new set of ladder series in the US to allow US-based drivers to work their way up through the motor racing ranks and arrive at the top level of American OW racing equipped to succeed in and outside the US.
4. The merger ought to be accompanied by some mea culpas on behalf of the key OW players. We (the fans) have had to sit and suffer as a dysfunctional drama has been played out in front of us for 10+ years. This has been a long, and distressing series of events to witness. I am pissed with the outcome, and I hold a lot of people partially responsible for this mess. I want to hear some contrition.

Since I wrote that note in May, there have been some improvements. Atlantics is being revamped with a new car/engine package for 2006 and beyond, and early indications are that the series will prove popular. Also, the IRL has reverted to a single engine supplier (Honda) after both GM and Toyota withdrew at the end of 2005. How that move fits in with "The Vision" I have no idea, except to note that if the IRL Vision was an I.T. Solution Delivery project, it would have been cancelled a long time ago.