Although I do not have all the facts, all I can say is that I have visited EZY's commercial department once and an analyst showed me some of the market intelligence and yield models on his computer. Having a background and experience in marketing myself this stuff was really top notch and mind blowing and I am very confident that these base decisions have been taken while being well informed (unless these analysts became the victim of the headoffice headcount reduction in 2008).
It is hard to argue with a business plan that simply puts resources in the places that make the highest contributions, which is Europe at the moment. There is little real competition there, so let the likes of Ryanair, BMI and Jet2 fight it out among themselves in the UK. However, I do not understand how EZY can expand so quickly in Europe with 10 or so new aircraft still arriving every year until 2012, unless more new bases are on the cards.
Certainly it is very sad for the crews, as it was a struggle for many of them to actually get EMA allocated as a base by EZY as there were few aircraft with little pilot movement, and I wish them all the best.