It probably will not work with current fuel pricing and if its gonna go to 200U$ a barrel, even US and European Low Cost carriers are already announcing dire straits and charging extra for the luggage and all sorts of other price coverups. Long haul is not considered feasible for low cost, otherwise they would have done it long time ago. Hong Kong based Oasis also went down. So what are these guys going to do different ? 747 was mentioned-not cheap to operate.
How are they going to do it ? Maybe find crew who will fly for free or even pay a sum just to get the hours ? (has been done by a certain operator of Convairs at FACT) think those times are over