While I'm not looking forward to a reverse split out of paranoia, I think you might be right.
I'm no expert on this, but aren't the few times a reverse plit work positive is when a company does it when they are improving themselves? But companies that usually do them are trying minimize damage already occuring. ie..desperation.
If SIRI follows up with more positive, then the stock would go up naturally and a reverse split might make the stock more 'buyable' by institutions.