Problem is of course getting the fare. What will happen is to attract passengers they will have to offer promotional fares and that will be accepted by Joe Public as the norm and as soon as they try to return to a full fare they will not get it. Can't actually see anyone flying Exeter - Luton - Manchester and paying a Transatlantic fare for it. Hope it works I really do but it is going to be a struggle as others that fly small aircraft on short routes will testify!!
The down side of Michael and Stelios fine achievements is that the great unwashed actually think everyone should be able to fly at those fare levels and survive. Start talking about the real world and many get back behind the wheel of the car!