NC, Sorry to hear about your job. My job was eliminated last summer and although devastated at first, it has worked out to be the best thing that has happenedin the past 18 months! I used to commute and now work locally, hated my job and now really like it, and got a pretty nice pay raise to boot!
In my professional opinion (having been on the other side of the table in these merger/layoff situations), the company would have let you go if they didn't think you could make an impact. They had the perfect opportunity to let you go but they didn't.
Like Yoyo said.. everything happens for a reason.. You just don't know what it is yet.