Your average punter doesn't bother too much about wether the flight is a low cost or full fare operation on reasonably short flights, say up to 4 hours, provided he thinks he is getting a good deal.
Which is the principle I see Oasis applying to the LGW-HKG operation..with a few tweaks for a 12hr flight.
I wouldn't mind betting these guys will be another player into the Oz market (albeit long-haul) before too long.