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I think that there are a few different forces at work here.
First, sponsor pressure. Hollywood, who has sponsored efforts in both CART and the IRL the past two years wants to consolidate it's money. They want to stay with Mo Nunn, but they feel that the IRL is the way to go. Giaffone has a relationship with Hollywood and he is an established star in the IRL.
Secondly, Mo Nunn has clearly lost confidence in CART. Mo actually abstained from voting on the engine rules. As a Honda team, he also has a legitimate concern for his team's future because as of now, there are no engine manufacturers solidly behind CART beyond 2002. By positioning himself in the IRL now, he will have an established IRL entry with an established IRL driver in the event that CART collapses. If Tony George tries to keep CART teams out to protect his exixting teams, Mo's already in. However I believe that Tony George wants the CART teams in his IRL and wouldn't block then out.
This may not be the last announcement like this. Since May it has been rumored that Roger Penske will field a full time IRL entry in 2002 and bring Marlboro in with it. Ganassi is also said to be considering this.
As far as Kanaan is concerned, he will most likely be in a Target Car alongside Kenny Brack, but Casey Mears may retain the #66 ride. MCI WorldCom has worked with Casey in Indy Lights and, although Pioneer is a Japanese Company, it is Pioneer USA that sponsors the Mo Nunn ride, and they like the fact that Casey is an American. Bruno Junquiera may be the one S.O.L.
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