Nope, USAir and Delta are different companies with very different problems.
USAir seems unable to make a profit from ongoing operations, and its lunch is being eaten by low fare carriers horning in on its core markets. USAir has been and will likely continue to go in and out of bankruptcy unitl another carrier is convinced to take them over.
Delta on the other hand has a handle on some of its costs, but has a VERY expensive pilots contract and a pilots union that is unwilling to make ANY concessions; plus its debt structure is starting to wiegh heavily on its finances. So even tho Delta has decent amounts of cash on hand, the current setup is not sustainable, so it is likely (according to the rating agencies like S&P) that it will enter Chapter 11 bankruptcy to force a debt restructuring and to play hardball with its obstinate pilots. True, it also faces tough competition in a number of its core markets, but of the "legacy" carriers, I would pick Continental and Delta to be the survivors long term.
This is all JMO, of course. I wouldn't worry too much about bankrupt carriers, as they continue to operate normally for the most part. I sincerly doubt that any of the major airlines is going to just stop flying one day soon, but this all may change in a few years as the low costs carriers continue to expand into the legacy carriers' territory.
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