In Europe, Ryanair often gives tickets away, with passengers responsible for only taxes and fees. And it's the fees where the airline makes its money, collecting buckets of cash by charging for everything from mandatory travel insurance and credit card processing to the privilege of using a telephone or ticket counter to communicate with the airline. Another profit center for Ryanair is its QVC-in-the-sky approach to in-flight service, with cabin crews hawking everything from sandwiches and sodas to jewelery, perfume, lottery tickets, and cell phone minutes.

It's a model that has worked well in Europe, where Ryanair has spread like a fungus, flying 65 million passengers a year to 145 cities, and leaving its Irish competitor Aer Lingus in the dirt. But the airline hasn't been immune to the financial pressure facing the industry -- expansion has slowed and it recently announced a 50 percent drop in profits.

And cheap fares alone won't guarantee success. I'm all about finding a bargain, but I appreciate a plane with seat back pockets, window shades, and reclining seats, especially on a nine hour flight to Europe. If my fellow travelers feel the same way, then Ryanair's transatlantic strategy may not fly.

Photo by Flickr user Jon Gos