On the subject of long haul, I firmly believe that low cost in the easy style is a non-starter. People tolerate it in Europe becuase the flight is short and they can eat at either end. It's little different from getting on a bus or train. Spending 8 hours on a flight is different.
However, many people are prepared to spend upto 12hours on a train journey. All the things people are saying about Low Cost TransAtantic, they said about EasyJet when they first started. I firmly believe that if the price is right - people will use it.