Calls for Falco and Grant to be dismissed have been growing louder for weeks; just this morning, Pali Research analyst Rich Greenfield called for Bewkes to halt their tenure. (And it had to be both—even though Grant, who had worked at AOL earlier, was Bewkes’ guy to start.) To be honest, I almost wrote a piece today suggesting they be left in place until the current economic environment started to turn for the better on the theory that you might as well not waste a new management team. But Bewkes still sees a chance for AOL and he finally realizes that the best shot for any kind of success comes from someone who understands digital. That’s not to say Armstrong and Google have always bet on the right horses when it comes to digital advertising. Google has had plenty of fits and starts in that area. But Armstrong understands digital platforms in a way that Falco with his broadcast TV pedigree couldn’t bring to the job when he was replaced Jon Miller in late 2006.

What does this mean for AOL? Look back up at Bewkes’ words “optimal structure for AOL.” That doesn’t mean turn the kaleidoscope until the org chart clicks into place. It literally means the best structure for AOL and Bewkes has said he’s open to options, including a fit with another company or—much more likely now—a spinoff. The timeline for any kind of decision is unclear although we can safely say Armstrong doesn’t have three years to get it done. Three quarters would be a stretch. Armstrong, of course, knows AOL very well from the partner side, which is also a plus. He played an important role in the Google-AOL deal that wound up with Google as a owner of 5 percent of AOL, a $1 billion investment Google just wrote down but that’s a different story.

In an interview soon after the announcement, Armstrong repeatedly mentioned the working knowledge of AOL he brings with him as a major plus—and it should be. Then again, there’s a big difference between dating seriously and living together. 

Update: This time around Bewkes avoided the replacement play-by-play in the press that preceded Falco’s appointment; instead, he moved quickly—before anything could seep out. Kara has some of the details.

But Bewkes won’t be able to avoid something else. Just as Falco and Grant were on their third head of Platform-A, Bewkes is now on his third head of AOL. The third time needs to be the charm.

Check out the history of AOL at our AOL Channel