Delete 'GO' from that equation (absorbed by easyjet) and replace it with Ryanair-it's fairly obvious that these two should still be around...although I would put most of my money on Ryanair.
It will indeed be interesting to see whether the rest will survive, because I too wonder how many LCCs Europe can support...my bet is that we'll eventually see Easy and Ryan offering flights all over Europe, to the detriment of airlines just now beginning to set up...but maybe not.
British LCCs have been getting a lot of negative press coverage recently.......Ryanair for failing to provide adequate baggage delivery, and now Easyjet for failing to create viable rosters for its aircrew...resulting in many flight cancellations.
The frilly British carriers, such as BMI, BA and now Flybe are making a big deal about their lower fares, and much simplified fare structures....and I'm sure we all salute them; even though I'm a fan of LCCs, I recognise that repeated problems (such as those above) can leave a very bitter taste in people's mouths....so much so, that they may refuse to fly LCCs again, after 'experimenting' with them.
Also, I wonder whether the EU will raise the cost of travelling by air, due to environmental concerns....rumours have appeared in the British press about the need to curb the tremendous growth in air travel....I wonder how this might affect the low-cost airlines....?