Spending cash on new stations/routes/aircraft which will not produce a return for up to 3 years is not sensible in the longhaul market just now. The cost of credit, fuel and support facilities mean that consolidation of existing routes (many of which are very young) is the way ahead for now, in Virgin's view. While there are interesting times ahead at Heathrow, the somewhat wobbly state of western economies currently isn't a good foundation for much in the way of experimental entrepreneurism!
However, Virgin very recently announced that it is looking at up to 12 new aircraft to replace older 744s and enhance its Gatwick operation from 2012. These may be B748s, A380s or even a mix of the two. There are several projects 'bubbling under' which just need a slightly more benevolent economic environment to be let loose. Now is not the time, but Virgin is far from out of ideas!