EMC + Dell is not quite the same as E=MC (squared)

Lots of questions on the value for Dell to purchase EMC, which has been covered ad-nauseum in the trade journals. Harvard Business Review published an analysis by Benjamin Gomes-Casseres which is beautiful in simplicity:

Still, the Dell strategy is opaque. In fact, Dell has argued that being private facilitates its transition, as too much public scrutiny might derail its plans. In that regard, selling to a private company is like going into a black hole. Analysts are guessing at what the strategy might be, and so far are not coming up with clear winner.

Benjamin looks to the examples of IBM/Lotus and Compaq/DEC as possible models, which is an interesting filter. For me, it's refreshing to read someone who is not afraid to say that the merger raises as many questions as it answers.