Flying Irishman - only a fool would write off Ryanair, I'm no fool, and I certainly don't. A bit of competition can help concetrate minds though!
Your undoubted commercial ruthlessness would stand in you good stead for a price war, c.f. the DUB - EDI/GLA 'spat'.
However, as the low cost market matures, I believe people will start to look beyond just price, and at other market differentiators.
Also, how would Ryanair expand at an equivalent rate? You're taking delivery of (approx.) one airframe a month.
So this year, that's ~25% growth, next year ~22%, the year after 20% and so on...
Without taking over other companies, you fall behind in terms of market share.
So who's to say Ryanair won't take over someone, simply to gain size, and then apply the business model to the new airline?
Who's right? Who knows?
It will certainly be interesting times ahead!
BTW...Ryanair has been uncommonly quiet this last week...are you guys REALLY not worried about the Easy global expansion? I've heard a (pretty wild, even for PPrune!) rumour you were going to make a move on Buzz, flood STN with 737s and force Go out before Eazy move in!