As for "If they were genuinely unsafe, the IAA or the CAA would have jumped all over them by now." - a one word answer: Valujet says Wedge.
Unfortunately that is incorrect. Valujet as is often the case were only shut down after the worst had already happened. Again unfortunately the authorities do not really react until its too late. Thats what history tells us because money does the talking and nothing else.
As for the IAA, the warning signs have been there for a while that they have become ineffective.
Ryanair long term in my opinion, will not revolutionize the industry, they will destroy it.
Who is strong enough out there to take them on?