I have followed this thread with interest but from another perspective. I am about to retire after over 40 years in aviation. Made no money but had a great time, military and then civvie , F/O, Captain, trainer, TRE, the usual pogression. Never did lo-co either, luckily.
I now see the low cost model well entrenched in our society and wonder how trainee frozen ATPL's from Oxford and other places are going to face 40 years of 900 hours a year short haul high density flying in a European environment. As I see it very little opportunity will present itself to the majority to break free into long haul or other flying even if oil doesn't go to $200 a barrel. Can they stand it? Time will tell. Is there another model? I think not.
MOL and others like him will continue to exploit willing pilots just as deviously as he cons passengers because of the glamorous image of the job. Officialdom will keep on intruding into the flight deck, to say nothing of the brain dead jobsworths who make our lives diffcult at security.
I'm not wishing my life away but I'm not sure I'd go into aviation now if I were 40 years younger. Must go, first tee beckons!!