Any reduction in rates is likely to be temporary.  I see this as a parallel to the inter-island airline wars a decade ago.  Hawaiian (Matson) was the big dog, Aloha (Pasha) was the smaller dog, and all the other newcomers like Mahalo, Discovery, go! etc. (TOTE) drastically reduced prices and spread out the customer base.  In the end, only two remained and someone had to be the odd man out.  I do not see Matson going anywhere, so it's going to be between Pasha and TOTE.  If you recall, part of Aloha's demise was using old, outdated aircraft.  Pasha....hope you read up on recent Hawaiian history!