When you analyse the Low Cost model, you realise that the costs of the tickets aren't necessarily lower (unelss you get one of the first few discounted tickets on that flight), it's the overheads which are lower. As pilots we are overheads. The company's profits increase as their overheads reduce, but RYR have taken it one step further. Making money out of their employees as well as their passengers! Leo Hairy Camel, sorry - Michael O'Leary has had it good for the last few years since 9/11. He has been employing regualrly while others haven't and his profts have soared - partly due to getting people to pay him to employ them.
However, things are changing. There are a lot more jobs around and pilots are a dwindling resource. In some parts of the world the shortages are having big effects. My (and dragon 501's) company had 2000 Cvs on file two years ago. Now they can't even get people to turn up to the interviews! If RYR keep their policy of getting people to pay, then more and more the company will be a stepping stone - with considerably shorter steps.
Michael O'Leary has done more to harm our profession than anyone in this industry. The tide is turning, let's hope the damage isn't pernament.