Florida's Pilot Factory. I think the big thing is to inform and educate the flying public of who is exactly flying them through the busy skies for £19,99 plus taxes/charges/handling fees/etc. In the US there is (after the Buffalo NY accident) a lot more publicity about the p!ss poor pay, poor rosters, fatigue and now, pay for type ratings/training. The unions on this side of the Big Lake should assume a much more active role in this process. After all, what's wrong with informing the public?
Regarding the failure of Lo Co: NO, unfortunately it won't happen IMHO. Just like there will always be a market for crack addicted street hookers, as long as the gullible public won't mind to get ripped off being treated like cattle, and the gullible pilots won't mind getting shafted in flying max hours for less pay, there will always be Lo Cost/Class Aviation.