Just to play devils advocate and being a regular traveller, it all boils down to what we as a consumer want. If we want to fly for the price of a Friday night takeaway for two, you have to accept that it will be no frills, with an element of risk and possible inconvenience involved. The budget airlines are just that, budget and you need to maximise what they can do for you. Pack light, don't pay with a credit card and understand fully the terms & conditions before you book. My flight to Hong Kong last year was rescheduled 3 times before I flew and that was with Air New Zealand. Unfortunately booking far in advance these days is a risky business, especially if you are on a tight schedule.
It is frustrating, but I have had flights changed many times with the world's top carriers, as well as the budget ones. I always expect to be delayed when I fly with Ryanair too, so when it's on time I am pleased! They can be annoying, but I for one would not want to go back to a monopoly of the major carriers and paying 10 times what I pay now, to fly around Europe.
To fly from the UK to places like Dublin and Poland for around £30~40 is I think astonishingly good value and we wouldn't have that without people like O'Leary and Stelios - a train to London for me is around double that :-\