@ CyberDragon
No denying it's tough going and having too high a proportion of card holders has got to hurt, but I don't think the model is fundamentally flawed.
Move things on 12 months and consider propective owners. Would I buy my own aircraft and hope to offset costs by chartering the hours I won't use? Or would I look at all the people who have just been very badly burned and opt for a fractional ownership deal?
I think Netjets will be a very appealing option when individuals/companies put a toe back in the water. Far easier to justify on the public relations front as well. Wonder which option Ford/General Motors will opt for when things calm down. In the cold light of day it will still make business sense and be a valuable enabler, but with less risk.