Gopher:
Before I give a possible explanation, my caveat is that I think people can make the Bible support almost any position they want to take, including for and against the Trinity. Also I personally don't care much about the trinity debate any more. When I was a JW, this part from Revelation made me believe that God and Jesus were separate/distinct: Look at Rev. 1:8, and you see that the Alpha and Omega = the person which "is, was and is to come".
If you continue on reading v9 thru 18 John heard a voice behind him, when he turned around he saw someone "like the son of man" (here John describes the same person as in Daniel 7:9), this person says to John do not to be afraid I am the First & the Last. I am the Living One; I was dead, and behold I am alive for ever and ever!
Then go back to Rev 1:4,5 where John wishes grace from that person who "is, was and is to come", AND the seven spirits, AND from Jesus Christ.
The seven spirits are before the throne, not on the throne. I don’t know what the meaning is, the 7 Churches (which was already mentioned), 7 Beautitudes, Fullness & Completeness? My NIV says that it could be translated Sevenfold Spirit. Maybe somebody else knows the meaning of this.
So (at least in my old JW view) the "AND" separates the Alpha/Omega person who is was and is to come from Jesus. (Unless you want to argue that the Alpha/Omega person = the seven spirits = Jesus, then you have not a Trinity but a 9-inity or something.)
Then who do you believe is coming? The very last lines in Rev states that Jesus is coming.