Well I can only really speak from the Australian and Asia perspective, but in my experience most low cost carriers don't really cancel their flights all that much. Delays may be common; but, and let me cross my fingers, so far none of my flights have personally been cancelled.
When I worked as a travel agent, the only airline that cancelled enough to earn a reputation for itself was Tiger Airways.
But I think you should be fine. But again, this is only from the Australian and Asia perspective (I have flown Air Asia and many other budget airlines like Cebu Pacific etc).
Hope this helps!
Happy traveling!