Its gone through (excerpt from BBC website):-

European Union (EU) transport ministers have unanimously backed an "open skies" aviation deal with the US aimed at liberalising transatlantic air travel.

It will have an effect because other airlines will now be able to fly anywhere in Europe to anywhere in the US. Big questions is how much of an effect will it have on BA & Virgin? To compete they will probably have to lower their fares which can only be good news for the consumer.