Yeah, yeah, we work there. (Time Inc., the publisher of TIME, is a Time Warner subsidiary.) And it was certainly too early to declare new CEO Jeff Bewkes' slimming-down strategy a success. But if the 2001 AOLTime Warner merger was perhaps the worst business deal ever, then spinning off AOL as Time Warner did in December had to be worth something. Plus, by ditching AOL and Time Warner Cable, Bewkes created a more focused, less indebted company that might stand a chance of maneuvering its way through the media's time of epic upheaval. Not sure if we ink- (and pixel-) stained wretches will be around to enjoy the ride, of course. But there was a logic to the strategy.