5+ years ago Easyjet and Monarch were poles apart, even after Crown Service had been ditched. Whilst Monarch have been sliding down the scale (I don't mean that in any derogatory way) Easyjet have been moving up. It's looking very likely that allocated/pre-bookable seating will be rolled out across the network, handheld IFE on A320 and Longer distance routes trialled at MAN and being rolled out next week at LGW. An extensive BOB product (a bit too extensive at times IMO) and really theres not an awful lot to distinguish the two other than the fact that Easyjet well and truly has Europe/North Africa/Canaries covered. Plus in respect of some of the new Monarch city routes Easyjet has courted the business pax quite well and has also done well in securing some corporate contracts awell as a some engagement with certain areas of the travel trade.
I really want Monarch to stick around as the name is one of very few that has actually survived thus far. Thomson and Thomas Cook are also old well known brands but they weren't airlines back when I was a nipper. All i'm saying is that today there isn't an awful lot of difference between ZB and EZY and Easyjet see's its position as being between FR and BA and I think the market believes that too.