Your right. Its not like Hamilton is going to be unemployed without Macca.
Surely the point is he'll walk with Macca,
f1 won't have its prestige if they get top teams walking out and setting up a rival series, not as many would watch, sponsors would loose interest and it'd get more difficult financially for the teams left because of this loss of prestige.
I think most people are missing the point. LDM has zero intention of forming a break-away series/competition. Ditto for McLaren. When LDM's raises it, what he's really doing is reminding Bernie et al that the reason most spectators and f1 fans exist is because of Ferrari & McLaren. That's why the "Cry wolf" analogy is not appropriate. LDM knows he has a big stick, and, he raises it as often as needed.
It will be raised every time something important is being negotiated - just to remind everyone of the real lay of the land.
Right now there are two issues being negotiated:-
1) money - all income from F1 which is skewed too far in favor of Bernie. LDM and Macca's will get a bigger share of the pie for FOTA, the issue is how much bigger it will be.
2) control - Again LDM & Macca are doing the work to get a much bigger say in the running of F1. LDM has mooted an NBA style - much more power to the teams. Once this is achieved, and I'm sure it will, we will see far less races outside of Europe and where genuine crowds can be attracted. Races will be rationalized to about 54-57 days. Now that could be 19 3-day events or, perhaps 20+ with some races being 2-day events.
If he hasn't got any intention of walking, then it's all bark and no bite, and he'll be in trouble if Bernie calls his bluff.
I agree with the money issue, the balance of interest is far too skewered, towards FOM's commercial interest, rather than the teams's or fans.