I've been rolling through this meatgrinder too long to be confused about the difference between start-up losses and an established carrier's ongoing financial performance.

You missed the point it seems. Different variables can determine your fate under different circumstances. While quality of customer service, giving great IFE, etc. can be the key to success, NOW ain't that time. Now, its cash to burn rate (CasBur), and time remaining until better economics land (TRUBEL). VA will be a ghost unless CasBur can see you through the TRUBEL.

You are right that the 100 mil thing sounds like impressive committment to the venture. With enough committment and money there is no limit to how long VA can stay in business. Obviously though, there are limits and I suggest that AFTER the blood race subsides THEN it will really be up to the quality of the product to play a role in carving out a future.

Look at Arpey at AMR, he just gleefully canceled thousands of flights because its better cash management in this disasterous environment to stop actually operating your airline if you can find an opportunity to duck out of a bunch of the otherwise unavoidable expenses. [cue the FAA]