In the duopoly that is the aerospace business, one company's weakness can strengthen the other.

There has been another indication of Airbus' weakness in recent days, making Boeing (NYSE:BA) seem stronger than ever. But it's important to keep in mind that a good part of this power struggle is over planes that have yet to take to the skies. As a result, investors should be aware that Boeing could still feel some turbulence.

Word leaked out Thursday that Airbus is seriously considering a total redesign for its A350, the plane that is supposed to compete with Boeing's 787. Airbus has taken flak from prospective customers for the current version of the A350, which uses the body design of the A330 but features redesigned wings, tail, and cockpit. Sources indicate that such a redesign would double the A350's development cost to $10 billion and delay it until 2012. Airbus had already indicated that its launch date for the current version of the A350 was more likely to be in 2011 rather than in 2010, as initially planned, so it's possible that a totally new A350 would launch even later than 2012.

If Airbus goes ahead with this plan, it means Boeing's 787 would have at least four years of flying time before a competitor appeared. Even if Airbus' plane is more fuel-efficient than Boeing's, four years is a long time for airlines to wait while operating older gas-guzzlers, especially if fuel prices remain high. Boeing's competitive position clearly looks very strong right now.

That strength is reflected in Boeing's share price. Investors should remember, though, that Boeing is producing the 787 in a radically different way, both in its use of a large amount of composites rather than aluminum and in its disaggregated global manufacturing scheme. Things could go wrong, and that may lead to a sharp drop in the stock.

All this is not to say that Boeing is a poor pick for the long term. For instance, even if the company does encounter manufacturing snags with composites, once perfected, that technology seems to have a good chance at becoming a new industry standard, given its ability not only to increase fuel efficiency but also to reduce maintenance costs. Boeing is likely to keep flying high over the long term, but before the 787 takes wing there are still potential pitfalls.

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Fool contributor Brian Gorman is a freelance writer in Chicago. He does not own shares of any companies mentioned in this article.