I think their only chance to be relevant would be to get our of the hardware business and rush to be a service company. They should start making Blackberry Enterprise Server integration for Android. They should see if they could get Apple to let the iPhone hook in too.
Their phones are a lost cause. Even if they had an amazing phone in the pipeline, I don't think they could stop their slide if it was released tomorrow.
At this point, BES and their patents are the things with any value.