The current product might work if they did a day flight, in both directions, but would be hell for an overnight flight. A Jetstar style long haul product seems more likely though.

Edit: Can't say I'd look forward to arriving an airport, that is ostensibly New York City, but that you've never heard of (and is not anywhere near New York City)...

Edit 2: Yep - just read the article. They're going to copy Jeststar. It'll mean a very cheap business class seat (but very likely not lie-flat).