how long have the low-cost, no-frills airlines been around in the UK & Europe?
5-7 years?
when you look how long it has taken for the industry to change post-deregulation in the United States, I think we're going to see a lot of new airlines coming into the market, and end up merging or going bust into maybe 3 independent (like AirTran, JetBlue and Southwest in the US maybe EasyJet, Ryanair and ?) and 3 spin-off (like Song, MetroJet and Shuttle by United in the US and bmibaby, Mytravellite and Snowflake SAS in Europe) low-cost-airlines in a few years time.