Only time will tell Giles!!
Luton management have known for a while it was coming and should be prepared.Hopefully they have good working relationships with the airlines using the airport.
Guess it depends on MAG and what they want, a pure low cost airport or something similar to Manchester.
I think they will try and attract more legacy carriers and look for long haul options rather than try for example to entice Wizz over.
Of the Airlines at LTN ,Blue Air,El Al both came from STN and have done well enough not to return.
It's a case of Luton matching Stansted in price.If they do the geographical benefits of using Luton are IMHO far better.
Once the expansion goes ahead and the facilities improve there is no reason why Luton shouldn't be a airport of choice!
Anyway MAG has to placate Ryanair first,that won't necessarily be the easiest task!!!