good analysis sirjfp,
Fact is, in the USA, for quite some time now, there's been almost no such thing as the "business" market. There's just a market full of people wanting to spend less money to go where they want to go. Price sensitive (i.e. less than full listed fare) traffic is way over 90% of all traffic and climbing. The big guys sat there for years while Southwest, Air Tran, Jet Blue et al built up huge fleets, all crewed by volunteers.
Its not all sweatshop stuff either with the newer low cost carriers.....that sort of thinking might make you feel warm at night but it isn't the real world. The passengers will just not pay for lifestyles of the rich and famous any more but they will support reason and moderation.
It isn't the war that's worrying QF...its that the trend line of Virgin's incursion into the once monopoly (or dupoly) markets is unstoppable. Its not the 30% thats the issue...it's what it will be next year and the year after.
Anyway, its fun to watch. I might be wrong too...it's been 13 years since I was told that I was no longer relevant to Australian aviation. Just because big high cost carriers are dinosaurs everywhere else in the world doesn't mean that it will happen in Australia.