If they really are starting fare sales/wars, then that is incredible stupidity on their part, given that they really need the money, and if they manage to fill the plane with people buying the sale tickets and make no profit, then that is a huge opportunity cost being lost.
They're all over the lot. They cut prices way below route norms to promote sampling behavior -- they're currently doing $76 SEA-SFO, $99 SFO-DFW, etc. which should not be necessary to fill VX planes if they were marketing the product right. It's crazy. But then you go back and search a route six months later and they're the most expensive option. Cheapest mid-October SEA-JFK transcon RT on VX is $796, which is crazy in a different way, especially as all the routings are via SFO or LAX. Delta competes with $349 RT nonstops.
I have to go SEA-NYC two or three times this fall, and I'm in an up-yours-UA, let's-try-something-new mood, but not at those prices. I did book my kid a cheap weekend with friends in SFO @ the no-profit, below-cost $76-each-way rate though.
They're not building habitual booking behavior and steady customers because they're teaching people to hold back until VX holds the fire sales.