Having worked at both of these enterprise networking companies, I can honestly say that their resellers and channels don't overlap.
Sure, products do, but big deal. I have written on the need for consolidation among the 'Others' and this would certainly fit. However, networking (LAN switching & routing) is not growing much in North America. It's about China, and that's why Nortel needs to own it. Check out my blog at http://www.brockmann.com.
Latest LAN/WAN headlines from Network World:
U.S. lawmakers introduce new net neutrality bill
More energy-efficient Ethernet - without the standards-making fuss
The future of network optimization
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3Com on the block?
3Com is offering some amount of shares back to Huawei.