DJ6 -
Agreed. The problems other posters have been complaining about are political, because the airport is in the hands of local government, who have a clear conflict of interest because they are also the planning authority.
The airport's business fundamentals are good though. One, two or three based carriers (Wizz, Easy and Ryanair) who would take more slots if they became available, and other operators who would use a low-cost facility close to the northern edge of London if they could get (more) slots.
The facilities are far from ideal - too small and crowded - but development of additional facilities (T2 and more aircraft parking) is inhibited by politics - either the shrill shrieks of the greens, the local NIMBYs, or the inward-looking local authority unwilling to expand into Hertfordshire.