In the here-and-now Tandem you are right of course. However there are 2 angles that annoy many about BA that you don't address:
As a nationalised airline, and then as a privatised one, with fuselage titles changed to just 'British' they made a big thing over the years of being the national airline, and the one that the country expected to serve them all, not just those in the South East.
There is a huge feeling outside of London that it didn't have to be like this. From the position they had got themselves into in the regions over the last 10 years where it has ended up was probably inevitable. However had they had management with greater vision and foresight it could have all turned out much differently.
Many times on these pages the Waterworld overhead that was imposed on the regional operations (compared to the days when they were Brymon etc) has drawn comment as giving BACon and its forerunners a huge disadvantage. It will be interesting how things go now that that burden can't be shared around so much how BA fare, as I doubt that the Waterworld bill will be slashed pro rata (= proportionally higher overhead for the LGW/LHR/LCY operation).
As has been commented by others previously, I think the increasing number of eggs that are in the one basket that is T5 will prove decisive to BA's existence in the decade from 2010.