What if....
Personally I think nextel would still be in business to keep their active subscribers, but liscense off the PTT Technology to other carriers. (similar to Sega and how they stopped creating systems, but make games for other consoles)
Another scenario I think could have happened is that they would have migrated their cellular technology over to GSM (Iden is a TDMA-Based technology, and the TDMA Carriers in the United States migrated over to GSM)