VCCM,
It's not a fair argument to compare like for like with other employers, as the conditions, size, brand and many other factors will never be the same - and, (whether you like it or not), if you want exactly the same deal / conditions / etc as BA, EasyJet, El Al or Qantas then the simple answer is you should be working for them. If you feel the red uniform has lost its lustre, then don't break the airline trying to change it to be BA, EasyJet, El Al or Qantas.
Yes, Virgin pay below the industry curve, and the 4.8% offer was a step in the right direction.