The funny thing is that both RYR and EZY have become a sort of "legacy LCC's" offering pretty decent conditions (pay, rosters, training ) in comparison to what is now offered currently by new LCC's... oh, the irony!
Low Ts and Cs only work for a short while, After the guys who went there for experience get it and go, and then bad mouth their employer so no one else joins. It's not really ironic that the first to adopt this policy now have half decent terms - they realised that if they were to survive, they have to pay. They get their pound of flesh from their employees in other ways, such as productivity.
Nevertheless, we see start-up LoCos testing the bottom with crappy Ts and Cs and it seems pilots are not biting - or even available - just look at the number of job ads Small Planet push out. The LoCos will continue to test the limit, but it seems like the number of pilots willing to take up these jobs is reducing.