Purely speculative but...
Hp would break the company up. Sell the still profitable, but declining film and chems and build on the not profitable but ascending digital imaging segment.
To me it is doubtful that HP would make such a dramatic move so soon after firing their CEO. It doesn't seem that HP has refocused yet. Most people in the IT industry (that I know) look at HP as having decent servers, mediocer work stations and great printers. There isn't a great future in WS's, servers are still high ticket and presumably higher profit and printers are a bit of a mystery -- but a needed commodity in all business segments.
I should add that everything I've heard regarding their laptops have been good, and when i was a corp. weasel I was assigned high end Compaq laptops, that, other than a hinge issue, were great.
I would think that digital imaging in the specialties (medical and technical) is a profitable segment, but it appears to be a race to the bottom at the consumer level. I can't imagine HP taking their focus off of printing (again) to invest in a market were the greatest growth shows the highest risks and lowest margins.
I think Fuji would have a tough time with the FTC if they tried to buy kodak. I also think to get Kodak's customers fuji doesn't need to do anything, but wait.