I can well understand the "its to good to be true comment" but thus far it appears a success story, they have grown a very profitable company on their own turf in Scandinavia, which in order to compete with SAS on service had to be a lot better than standard Loco airline offering, they out source much of the back office stuff around Europe.
They have placed very large orders with both Boeing and airbus and have around 225 aircraft on order, they are already No 3 in Europe
The various airline quality guides rate them highly and they came out top in this years skytrax awards voted best LoCo in Europe, they started the first UK base in LGW in March and in the space of 6 months they have become the 3rd largest operator at LGW behind Easyjet & BA
People who have flown with them tend to do so again.