Ok, some relevant points in this hot topic.
Speaking as one who has operated 3 yrs at EOG and 4 years at Eurofleet LHR, and having operated on countless 73/75/767 flights I may qualify for an opinion (!)
Obviously the overiding factors here are cost and market conditions and these have both altered drmatically in recent times.
It is fair comment that EOG has a low cost base, and a very good job they do to, but you need consistently high club loads to maintain a routes viability - this really only occurs on flights to/from LHR.
It appears that the day of duplicated routes from airports 35 miles apart is drawing nigh to a (partial) close.
Meanwhile, LHR S/H has changed alot in recent times too, whereas one route may have had 3X 767's a day 3 yrs ago , they may have 2-3 A319/757 flights now.
Maintaining an on-time quality product is vital to LHR's future, with T5 almost certainly on the way, we need a seamless quality UK airline to maintain and provide for the millions who visit,bring business to, and transit through the UK.
I agree with sentiments shown on P1 by mjenkinsblackdog - who said that if BA sell out of europe , passengers will quickly go to Lufthansa,KLM,Air France . . . .
There are alot of inefficiencies that need to be driven out , but keeping a national is all so important (as recent times have proved)
After 9>11 ,and with 2002 in sight ,wishing all in UK and Worldwide aviation good times again ahead.