It is a sweeping generalisation to say that LCCs are charging '$10' per ticket. The power of the Low Cost model is that there are tickets priced at every level and the name of the game is to get in quick before you pay the big bucks! I would also take issue with the statement that minimum maintainance is being carried out on aircraft taking 150+ people. You are stating something as fact that is simply not true.
I can only speak for my own low cost airline (easyJet in the UK) and say that whatever criticisms may be brought against their managment, when it comes to safety there are absolutely no shortcuts being taken. They have brand new aircraft and have excellent maintainance practices. I have never once been asked to carry a snag that should have been sorted and I know of no one within the company who has been asked to do so either. Quite the contrary - my worry would be more making an error that is spotted by the 'spy in the cab' recorders then being called up to head office to account for it. Companies like easyJet know that however expensive safety is, a crash is a whole lot more costly! There is a huge emphasis on adherence to SOPs within a company like ours and as long as you make a safe decision in a situation the company backs you 100%. For example, if you do a go-around for being unstable at 500' you will never hear a word about it because it was safe. If, however, you continue the approach you will certainly hear a lot about it! I personally feel at ease in working in that sort of atmosphere and it is one of the plus points of working for easyJet.
If any criticism could be brought against these types of companies it is that they expect their pilots to fly to their maximum hours. Our particular rostering arrangement of 5 earlies, 2 days off, 5 lates, 4 days off (known not surprisingly as 5/2-5/4!) is highly controversial among the pilots and my own view is that it is very fatiguing. I personally hope that it will be binned in favour of a less tiring system but time will tell.