Airbus' projectins for demand for the A380 are way off. It is true that some routes will warrant the A380 but most won't. And when you have major airports, including Atlanta (the busiest in the world) saying that they will not take the A380, that's saying something.
Airbus will never turn a profit on the A380. It could potentially lead them into bankruptcy (of course, we can expect our socialist friends in Europe to pump blood into a mortally wounded animal).
I'm still trying to figure out the time it'd take to board 550 people, let alone disembark. This many people seems closer to a passenger ship where you can get on over a two day period in port...
AirBus A380 = the Maginot Line of the 21st Century.
You are right that this might really hurt Airbus. Its not the first time that a buiness bet on the wrong product and got hurt. Youa re also right that the European governments will almost certainly bail out Airbus. They have too much prestige tied up in haveing temperorily overtaken Boeing.
What may ultimately be different is that Europeans are not investing nearly enough in military aircraft research. as years go by most of that money will go to Boeing and Northrop too.
I hope A-380 will end like Concorde!