Not surprised by the conclusion, but thinking aloud, I wonder about 2 issues:
1) The conclusion is pretty clear about TLV-LON 10x per year. But would this apply for someone doing TLV-NYC 10x or 15x per year?
2) All else being equal, one place I would think that BA can't compete with LY is the benefits of the later being a small airline; small enough that you have the personal connection with the station manager who will hold check-in for you if you're running late, and other such things which big operations like BA/UA/DL/AA just can't do?