Forget is. SirCody is a Palm Fanboy, and WebOS can (or could) apparently do no wrong, and Android little right. We'll never convince him that Android DOES do multi-tasking, or that cards isn't the only interface that allows multi-tasking. If WebOS had really worked as well as he believes it to, it, and Palm, would still be around kicking everyone's butt.
The more objective reality is that while WebOS introduced a few great ideas, primarily the card interface, it didn't work nearly as well in the real world as Cody would have us believe, the OS lacked may basic capabilities that iPhone, and even Android 2.x, users took for granted, and few people found it a compelling purchase. Which is why few developers (including the vast majority of those who made their living on PalmOS) bothered to support it. And, I suspect, when HP actually got it and looked under the covers they discovered an even bigger mess than they envisioned. WebOS was coded in a rush, to try to salvage Palm's very existence, and released well before it was feature complete. I've spent most of my long career in the software side of IT, and I know what happens when complex code is delivered in a hurry. It isn't pretty.
I hope LG can make something of WebOS. The more competition we have in the market the better for consumers. But the fact that HP essentially gave WebOS away for free tell you what they thought it would be worth if they actually tried to sell it off, and this statement:
HP and LG do not expect this transaction to have a material impact on either company?s financial statements. says volumes. Don't read too much into a press release. The writers of those things could make buying a BLT for lunch sound like the most important acquisition a company has ever made.

LG is hedging its bets, as Samsung is doing with Tizen. I wouldn't expect either OS to supplant Android or iOS any time soon.
I do expect Android to continue to improve. As you may know, they hired the WebOS interface designer away from Palm before the HP deal took place.