AeroMatt:
Based on what I've read (mainly from Aviation Week & Space Technology), the decision for the B777F is based on its estimated delivery date. If Boeing says they will deliver from 2009-2011, they will. The B777F is in a position to be delivered to the customer sooner than the A380 or the -8F. FedEx and UPS aren't the only companies scratching their heads about fleet composition in light of A380 delays. British Airways, Virgin Atlantic, Emirates, etc. are all struggling to figure it out. In some cases, the A380 was a cost savings measure. In the case of major cargo carriers and Emirates, waiting for the A380 might affect their ability to grow their business.
Lots of bad news for Airbus. I'm not worried about them going out of business. Even though their is less direct government involvement, their is still enough government interest in Airbus to keep it going.
Skyward80