My parents flew with this airline, and they actually didn't mind the lack of "luxuries". Actually, my dad claims to have been able to lie across 3 seats and sleep the entire flight! No one bothered him to ask which meal he needed, since none were provided. This was Copenhagen-Boston, round trip. Besides some minor delays, there was nothing at all wrong with flying with them. Remember, if you cut costs, you can't expect things to run 100% perfectly. Hopefully there is no hit upon safety, I think federal regulations prevent that.
Reserved seats?: Lately, some bargain airlines started selling "reserved seats" on the plane. However, the seats are all quite similar and even if you don't reserve a seat when you book your ticket you will still be able to choose your seat when you board the plane or you will be assigned one at the check in desk. So you can easily avoid paying extra money in order to reserve your seat.