Good points Jock.
And of course the one area not discussed much by the experts on this thread - the pax.
I've just returned from a destination that has lost 2 crew since imposition - what a mess. As I note regularly now, many pax just lose interest in the meal svc in CW due to the extended time it takes to deliver...and not even mentioning the absolutely terrible product we have to offer. Seats are remaining empty on a more regular basis now as our competitors are offering a far superior service with more crew at usually less cost to the pax.
Reality.