Some new data by the govt seem to indicate that most of these carriers lost money recently despite high load factors. As I mentioned a few posts earlier, high load factors do not translate to improved RASM. You need both RASM to go up (load factor, yield, etc. are all factors that end up in RASM).

Spicejet does seem to have generated enough buzz to survive in business so far. Who knows what'll happen next.

The domestic market in India has gotten a little ahead of itself. While the demand is mind blowing, so is the capacity expansion. It is great for travelers like you and me but bad for investors. Investors are waking up after the recent Air Deccan losses - unbelievable for Indian conditions.

Spicejet being smaller has smaller losses but it is important to start focusing on differentiators to make the overall business succeed rather than the short-term buzz and low fares that get 100% load factors but leave you in the red.

Ryan Air is an interesting example of a carrier, that has high load factors, low yields but does very well on ancilliary charges (checkin bags, drinks, etc.). Spicejet has not yet demonstrated an ability to generate such streams of revenue so their LCC model is suspect as others have pointed out earlier.