Amazingly enough [NYT]. Daniel Indiviglio focuses on the role of new hidden fees:
If airlines are profitable, then the higher all-in prices they're charging must not have cut demand enough to substantially reduce the number of consumers who can afford to fly. I wonder, though, whether the unforeseen nature of some fees matters here. … [A]s flyers become more acquainted with these fees over the next couple of years, we could begin to see demand decline.
Some might realize that flying isn't as affordable as they believed, after all. If that happens, then revenues will also decline and some of those profits we're seeing now might be reduced as well. But by then, the economy may be stronger. That would mean that incomes will be higher and consumers will find those higher prices more affordable. It also means that demand will rise more generally, since consumers and business people will be more willing to travel. So these profits could be sustainable either way.
The Dish 