Dragon Man
Exactly the take AirNZ has on it. They openly do not compete on price, with free IFE, meals, lounges, better seat pitch, lie flat economy, blah blah.
Jetstar so far has only exceeded in buying its own market share. Some of it at the expense of QF I might suggest. Running aircraft around and wearing them out for sweet all profit.
Hub in SIN or hub in AUH? Thats seems to be the question for punters. Which will offer the most for the ticket price?
You will be hard pressed to run cheaper than the ME carriers. Jetstar, I believe will need to offer more than cheap tickets to be successful in to europe.