This no-frills lark is fine depending on what frills have been removed to minimise cost. In the case of EasyJet they include punctuality (I have flown this route and airline regularly for the past two years and can remember only 3 occasions where it has been on time), and customer service (ill-trained to the point of rudeness - especially at Luton).

EasyJet are often not that cheap either - BMi compete well on price if you're quick to book, with a vastly better service into Heathrow. I only fly with EasyJet because my company advises it otherwise I would never fly with them again; dreadful (and I hate Orange!).