Personally (and that's all this is) I reckon Virgin should roll TT into the one company (no more TT) & operate the whole fleet efficiently with less human 'boat anchors' in the system!
They can never match QF/JokeStar so why try? Best to give the public the option of basic service right thru to first/business class across the whole network under one umbrella, one name, well most of it.
When I have to fly Airlines (mostly fly my own plane where I can as I hate Airline paxing) I shop around like most of the population does, I want choice from the one booking site, that's what the general public want.
Remember the day when flying was beyond the working class public? Well when the LCC's entered the market people couldn't get enough of the cheap flights, they would sit on a wood splintered fruit crate if they could get it cheaper...…………...advance a few years & we have competition meaning those people who where once willing to sit on that wooden fruit box now expect full service, reliability & choice, there in lies the problem, the Airlines have made a rod for their own back!