Warkman has above raised a good point regarding load factors. Many airlines right now are seeing increases, and I think it is important that individual airline managers do not start assuming that this means reductions in service quality ('product enhancements'??) are popular with pax.
For instance, it has been pointed out above, that Virgin must be doing something right as they are winning new pax/corporate accounts and load factors are increasing, but rather than Virgin thinking "well we're ok, no need to listen to pax or make any effort", rather Virgin should be trying to capitalise on this expansion in demand across all airlines, in order to take greater market share from the competition.
There are rather a lot of disgruntled BA premium pax out there, and Virgin should really be upping it's game to get them, and keep them.