Absolutely no doubt that they are fine aircraft, but the question is, are they the right aircraft to grow the business? The 333 is a fine aircraft, but it is short legged and payload limitations mean that EI can't retrofit them with modern entertainment systems (not that they've been in a hurry to do that with the 332s either).
I think Airbus will face a very heavy fight on this one; a resurgent Boeing, with a very effective arsenal of competing aircraft types (the 7E7 particularly) will be well aware of EI's growth ambitions and the advantages of being a partner/supporter/facilitator in that growth. Although the 777 hasn't been given as a likely type, I personally think it would be a good 333 replacement.
Furthermore, the fact that EI doesn't want to take delivery of the new type until 2008 (when the 7E7 enters service), must give Boeing an added advantage; does EI want to take delivery of what will be (in 2008) "old hat" when many of its competitors will be lining up for the 7E7, or, does it want to be first in the queue for a new type?
In the meantime, with increased US access and new Asian routes expected, they will need new aircraft; another opportunity for Boeing to show how it can facilitate that growth . . .