Stelios and his imitators are the way things are going to go for the next ten to fifteen years in our business. The public will get low fares and will learn to accept minimum service. This will spread to the charters and either BA will follow the lead or they will have to close down all their short-haul operation.
Pilot salaries will remain in the same charter bracket that they are at present as without decent salaries people won't bother to pay for the training. There is no requirement for senior cabin crew to earn five times the charter rate however as they can be easily replaced.
Those companies that survive will be around to offer upgraded service when the public's mood next changes. Unless BA cut back now they won't be around to see this.
Before someone jumps down my throat, I don't relish this "sea change" but I do acknowledge that it is happening.