I think you are correct about product to some degree. However, the white elephant in the room as it pertains to declining revenue is fuel. Competing airlines are paying less for their fuel. So, as fluid markets should, ticket prices have declined with the price of the largest cost, fuel. Other airlines are able to maintain sufficient margin at these prices. CX is not able to maintain margin because it is paying so much more for fuel. Not rocket science actually, just Econ 101.