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The main benefit to BA and other non-FR flyers is that through competition Ryanair have drastically reduced the average fares (in real terms) paid by most economy passengers on many routes.
Unfortunately it's a double-edged sword as this has been achieved at the detriment of employment terms and conditions for many BA staff and contributed to the cost-based "enhancements" that continue to impact premium and non-premium travellers.
Basically, whilst O'Leary may not have started the race to the bottom, he's certainly the pace setter.