No they won't make people stand, thats sort of illegal! But aside from that it's a good idea, and why not put some people in the hold to fill in the dead space?
They will likely cram in as many as they can in a single class layout on the lower deck, with seat pitch and width same as Virgin or BA economy layouts, and have a more "premium" product on the upper deck.
They will be operating ex Singapore Airlines Boeing 747-400s to airports that are cheaper to operate to (ie Gatwick & Oakland rather than Heathrow and San Francisco), and will have plenty of room for cargo so they will make money doing that way also.
Think along the lines of the old Laker Skytrain...
More info on these links:
Their company website:
http://www.oasis-air.com/en/index.asp
Wikipedia:
http://en.wikipedia.org/wiki/Oasis_Hong_Kong_Airlines