I think it's an overstatement to suggest that "the majors" will all go to the wall and Ryanair will rule the world. Not all the majors are the same, and not all doomed. Not all cheaplines (my copyright) will necessarily win.
Some points:
1. Low-cost operations seem to have an upper limit in terms of routes and in terms of size: there are no discount long-haul operators. Is this because most of the costs hacked out are the ones you begin to incur by getting big?
2. Not all "full service" operators are losing money. Certainly, the traditional high-subsidy prestige carriers (Swissair or Sabena - wot, they both went bust?) will be in trouble, given that they don't just burn off some more of the taxpayers' money.
3. So - what does that tell us? That inefficient, ill managed businesses don't do well. And you could have called that obvious..