Half a loaf is better than no bread...
UL will offer another option to fly from Europe to Asia (especially the Indian Sub-Continent) without having to fork out BA's huge YQ charges; also, for those who can fly from FRA/PAR etc., another way to avoid APD.
And I daresay UL offers far better service than RJ.
Considering how few active carriers there are in OW today, I say the more the merrier...