So the government splits AT&T. From out of that comes SBC and BellSouth, among others. AT&T forms AT&T Wireless and SBC and BellSouth eventually get together to form Cingular. AT&T Spins off AT&T Wireless. Cingular buys AT&T wireless. SBC buys AT&T and becomes AT&T. AT&T (formerly known as SBC) buys BellSouth and gets their part of Cingular in the bargain. The whole big mess gets renamed AT&T.
So all the work, all the branding that went into SBC, Cingular and BellSouth goes out the window and we're back to AT&T. This is good for us how?
Update: Actually, Colbert does this better than me in this video.