No one should gloat when an airline goes and jobs are lost. However, no airline should be propped up by the state - sink or swim. In the long run, survival of the fittest promotes competition and more choice for passengers - even if that may not appear to be the case in the short term.
GO and easyJet are doing well - and were doing well before the recession hit. They get no state aid (but Stelios is not too happy about the BA start up assistance for GO!) and the repeated illegal propping up of Sabena, Olympic, Air France etc. artificially skews the market. The UK has more choice than anywhere else in Europe and I believe that the deregulation and lack of public funds we see here is the key.
RIP Sabena - but it is "the needs of the many outweigh the needs of the few" - Spock, Start Trek II.