Gotta agree with Tiger here (who, it should be reiterated, is talking about top, not middle level management).
Without a good leader, the whole company can go down screaming more quickly than you can say 'boo'. Underpinned by a strong balance sheet (a hallmark of the current QF CEO), however, it has a lot more room to evolve organically, rather than as a last-ditch effort to save all or some parts of its business from that 'red ink' (the latter situation certainly doesn't apply to Qantas at this time, despite the inroads made by Virgin).
My armchair take on the LCC would be that, relative to the overall scale of QAN's operations, it's really only a drop in the ocean, and if things don't go to plan (I'm sure they will though - don't think for a minute that they havent had a significant number of analysts and experts crunching every possible contingency, especially in lieu of the risks involved ('Go' et al)) they could probably revert to the status quo fairly seamlessly, with minimal overall losses.
Who knows, though.