All true..employee goodwill, hedges, efficient system, etc.. We have now positioned our selves where hedges will allow us to win this war of attrition. The unstated goal is to out last at least two majors. Once these two majors fail and finally go away, the market will finally support a rational pricing structure consistently- even if oil continues to climb... to a point.
The days of anyone charging $69 fares are (hopefully) over. We as an industry will carry 15% or so fewer people. The people who never belonged on an commercial jet in the first place won't be flying any more. I personally am saddened by the prospect of so many brothers and sisters out of a job but not one of you can argue that this is not what needs to be done. As a side, if oil ever reaches $500 in the short term, we ALL will have much bigger fish to fry than worry about our silly little airline careers. I'd probably be on a troop transport headed to you-know-where as a 40 year old draftee about to fight in a holy war to end all wars.