The biggest advantage the upstart carriers have is young, enthusiastic employees, who still enjoy their job. Too many F/As and CSAs no longer enjoy their work, but are staying for their pension. This may change with the disappearance of the pension and other incentives to long-term employment.
I see the future successful carrier having F/As on 5 yr. contracts, part-time gate agents, and ramp agents that work for a subcontractor. In a few years, we'll all be LCCs. The question will be whether we can make the public perceive us as LCCs.