I love all the speculation! I was there (LPA) and saw the aircraft take off.
There were only 2 (two) loud bangs consistent with a compressor stall, and there where no external flames after the 2 bangs. I was on the ramp, and heared the bangs when the aircraft was at approx. 400 feet. They left the gear down and flew a visual return to LPA. So all a lot less dramatic than being said in the press!!
In that case, it could've looked something similar to this:
YouTube - Compressor stall A330
Can be seen as a bit scary by some, but it's not like it hasn't happened before plenty of times everywhere in the world in the past, and will happen again in the future, I'm sure.
It's the usual paranoia that comes after an accident with large number of victims. All of the sudden, just about every little fault that occurs everyday somewhere in the world becomes this big news headline
