The thing that really frustrates me about this discussion is that people illustrate their arguments with polar extremes.

Yes, there are a number of tickets between LHR and EDI for £50. That is indeed a very good fare. Not tiny (I often pay £25 return between Nottingham and Edinburgh, and a recent BLQ-STN on Easyjet was €38 for two), but most reasonable, and competitive with the train/other flights between the two cities.

However, I can't remember the last time I actually managed to pay an N fare -- typically I'm a mix of V, Q and H, with the occasional M. £150 (H return) is most certainly not a 'tiny' fare.

More to the point, with the competition, everything from £60 to £150 gets me miles, food and lounge access as a loyal flyer (not tier points, I concede, but with longhaul WT+ and shorthaul I sales, Silver is easier than ever to pick up). In fact, as I mentioned on another thread, when booking a summer long weekend to the Med, an August 'tiny' fare was barely competitive with Club Europe.