The pros and the cons of Research in Motion’s news:

Pros: The CEOs are gone. It’s long overdue but better late than never.

Prem Watsa joins the board. He’s a deep value investor, although it’s not clear how much stock he or Fairfax own.

Lazaridis is buying $50 million in stock, or so he says. At what price remains to be seen.

Cons: If there were great news coming the CEOs would not leave, or be asked to leave. They’d stick around to take the credit. Rest assured that the news is about to get a lot worse.

I am short RIM; it will be interesting to see how the market sees this. Mixed feelings I think, but who wins, bulls or bears, will be quite the spectacle.