Interesting to see what the papers will make of the VBA results. I was surprised the market didn't punish them, but maybe Simon Bartholomeusz is on the money in his item in Business Spectator.
http://www.businessspectator.com.au/bs.nsf/Article/Virgin-battens-the-hatches-$pd20090223-PJ8PC?OpenDocument&src=sph
Crikey quoted Godfrey as saying he didn't think all 400 jobs would go but from what others have said here a fair few of them might have gone already so that might be window dressing.
The same reporter in Plane Talking had a bit more to say and quoted some nasty figures which tally with the copy of the interim results you can get on the ASX site at
Australian Securities Exchange - Stock Market Information, Stock Quotes - ASX which I found a bit more worrying than reading Bartholomeusz.
Ben Sandilands picked up Godfrey's claim that the 777 would undercut the A380 too.
His blog on this is at
Virgin Blue is red, but far from dead - Plane Talking
I still think Qantas was mad not to get 777s and that Virgin's biggest mistake was stuffing around for several years longer than they should have to get theirs.
I reckon V Australia would have made a great head start if they had done this in 2007.