As an investor (which I’m not) – I would be in favour of any measures necessary to deliver profitability. If that means changing contracts then so be it. Plenty of employees around the country have seen their remuneration adjust as a result of the economic climate.
As a customer (which I am occasionally) – I would be quite happy to see the Easyjet model adopted. Allocated seats, fairly new aircraft, ability to change return flight if I finish early. In fact only this morning I have booked a business trip to Geneva next week on EZY for that reason.