It's going to be interesting. If the carriers maintain discipline and do cut capacity, then averaage fares will rise and the number of discount seats available will be significantly reduced.

Where this will really impact leisure travelers, IMO, is during holidays. The times when everybody who wanted to fly somewhere for a holiday weekend and do it cheaply will be over -- IF capacity cuts occur as planned.

And, of course, if fewer people are flying, it means lower hotel occupancy, so I would expect hotel rates to come down as well -- which means you might pay $200 more for airfare, but save that on hotel costs.

I am really curious to see what happens in Las Vegas in this regard. It seems like the number of offers coming from Vegas the last couple of months have increased significantly. I am nowhere near a "roller" yet hardly a month goes by now that I don't get a couple of "three free nights" offers from Vegas hotels, and it likely will only get better. (Not to mention how the price of gas will impact those driving to Vegas from LA).