A lot of people (Augustus included!) seem to be assuming 'low cost' means crap quality. I can't speak for RYR, but certainly with EZY 'low cost' means 'no frills' but the aircraft are generally clean, service is good, and punctuality on a par with BA....for a fraction of the price. BA may be great for long haul, but who wants to pay hundreds of pounds extra to get a 'free' meal and an inch of extra seat pitch for the sake of a 50 minute sector?
I think BA's arrogance over the past few years, shrugging off the likes of EZY and RYR, may come back to haunt them.