There is a very fine line between low cost, and being treated like sh1t.
90% of the time everything works fine. But bare in mind that the lo-co's will drop you when things go pair shaped.
I personally look for cheap charter flights when travelling to holiday destinations....Thomson, Fca, etc.
Why, because there are 200 plus people on that plane who are going on a package holiday.....the airline has to get them out there and will never cancel a flight and ditch passengers (unless extreme circ's)
But yes, the Lo-Co's are here to say, airlines like BA, AF, KLM etc will be changing to fit into the new market.