Being the world's favorite airline has become less important than simple survival, but without a long term strategy, that will be difficult.
I'm just astounded that the people in the airline industry remain oblivious to the experience of the shipping industry. There too we had national flag carriers, now largely gone, displaced by 'flags of convenience'. The industry has shaken down to maybe three or four largish cruise lines, similar numbers of big container lines and a bunch of bulk carrier lessors.
There is no reason the airlines will not rationalize similarly, so one would expect the survivors to be Etihad like carriers with EasyJet cost and pay structures. The TPP and its associated services trade agreement look to eliminate national carrier preferences, so the industry evolution should accelerate during the remainder of this decade. I'd expect financially strong partners from Asia to become increasingly dominant under this process.