Being an alliance of low cost airlines, I don't suppose that the alliance would provide much in terms of codesharing or interlining flights.

I'd imagine that the primary use of this alliance would be to have each member agree not to start price wars or mess up with the supply of seats in routes that are flown by two or more members. This way they'd have more control over these markets and hence could make positive financial revenue or profit.

After all, what do you expect from a bunch of LCCs? If memory serves my right, Scoot only started complimentary interlining luggage for its own flights (incl. Tigerair) just in the last year or two, and this is for tickets with the same PNR!