I would say that it has to be highly unlikely to see a 748 in EK colours flying pax.
Arguments on the pros and cons aside, it would be such a massive embarrassment for the guys at the top to admit that they have 'got it wrong'. The A380 is a brand within the EK brand itself and the company has thrown so much cash at the airframes as well as the
PR and they must make it work.
A 748 in EK colours would spell disaster for Airbus too and their aspirations for the A380. It doesn't look good when your golden customer orders the competitor, as an afterthought.
Before anyone jumps on me - no I am not a 'Bus driver!