In the following formula, I would like to change the rendering such that the lower end of the "cases" brace looks as if there were no underbraces. Is that possible? I already tried \smash and negative \vspaces to no avail.
\documentclass{article}
\usepackage{amsmath}
\begin{document}
\newcommand\terma{\left( 1\!-\!e^{\frac{-\lambda_2^2}{2\alpha^2\lambda_3^2}}\right)}
\newcommand\termb{e^{\frac{-\lambda_1^2}{2\beta^2|\lambda_2\lambda_3|}}}
\newcommand\termc{\left( 1-e^{\frac{-\sum_i\lambda_i^2}{2c^2}}\right)}
\[
\mathcal V(\sigma)=
\begin{cases}
0 & \text{if $\lambda_2>0$ or $\lambda_3>0$,}\\
\underbrace{\terma}_{A}
\underbrace{\termb\vphantom{\terma}}_{B}
\underbrace{\termc\vphantom{\terma}}_{C}
&\text{else}.
\end{cases}
\]
\end{document}

\termarather than\leftand\right. using\expnotation would also make those expressions more linear, but at the expense of making the line too wide; too bad -- that's some pretty nasty math to try to read without a magnifying glass. – barbara beeton Dec 20 '11 at 18:37