lederhosen
I think it has been proven to be a complete and resounding failure. Norwegian operated during a time of historically low fuel costs, cheap aircraft and access to markets at a time when people were travelling in record numbers. Even after tapping the markets for more and more capital and restructuring several times and clearing the decks of debt it still went boom.
The industry has been consolidating and will continue to do so. Its about leveraging off codeshares and JVs, exercising your purchasing power, filling the belly with cargo and the cabin with premium passengers. Norwegian/Norse have none of that.