SXB, sure I'm well aware of that. That is not the issue. The point I was wanting to make is that the LCC fare for a late booker is not always that much lower than that of the so called legacy carriers and you get bugger all extra for it. The difference with Legacy carriers (well most anyway
) is that you get a better overall service with them. Now, by service, I don't mean Champagne, caviar, free meals, free drinks etc., but being treated as a valued CUSTOMER, an intelligent human being, and - most important of all - knowing that come hell or high water the airline will do all it can to get me to my destination as expeditiously as possible, even if it means putting me on one of their competitors' flights and/or paying for accomodation if it becomes necessary.
If I'm lucky enough to book early and fly with DIRT CHEAP AIRLINES for 5 quid, I fully accept that I "get what I pay for" (i.e. bugger all). If, however, I book late and pay 300 quid for the same flight but with no additional benefits or security (by security I refer to, for example, all reasonable efforts being made to get me to my destination should the flight be seriously delayed or cancelled) then I dispute your argument. In the days prior to LCCs cheap(er) fares were also available to early bookers (such as APEX) albeit with the Sat/Sun rule. But, regardless of the fare you paid and whatever class you travelled, you got SERVICE.
the general principle of late bookers sudsidising early bookers is the same whether using a LCC or a legacy carrier
Absolutely. However, in a nutshell, in the past all parties benefitted from SERVICE. Now all parties benefit from bugger all (with LCCs).