The question would be how long they will be around. Niki Lauda has owned a variety of airlines, usually with a similar style of operation, and none of them has really lasted that long. Maybe he should have stuck with racing driving.
As for reclining seats, am I alone in considering them a *bad* thing for short haul where most people do not wish to recline? As long as the back is at a comfortable angle to start with there is really no need.
When I first read about the venture I thought the same but given that it's now 100% Ryanair owned and the strategy is driven by them I reckon it will be quite formidable - essentially it's a bit of a Virgin Group scenario with Lauda being the poster boy a la Branson and ruthless Ryanair behind the scenes. Given that Lauda commands much respect in Germany/Austria it's a clever way of capturing the market and pulling people away from Eurowings/easyJet who have exploded since Air Berlin has gone bust.
Agreed about reclining seats but it was just a suprise they'd go for a higher spec.
Another thought - easyJet, Ryanair & Vueling all now have Austrian subsidiaries - they must have some sweet deals on European flying licenses.