Obviously the number one advantage to a "no-frills" airline is cost. With prices that are sometimes half those of traditional carriers, especially from Western Europe to Southeast Asia, cost-conscious passengers have a great incentive to give up some amenities--or pay for them onboard--if the desire to explore a far-off, exotic location is strong enough.
Low-cost carriers aim to make up their revenues by offering additional options, giving you the choice of paying for movies, meals, blankets, pillows and other services, or not. Instead of paying in the ticket price for a host of options you may not use, you only pay for what you actually choose to use on your flight.
Even though low-cost carriers don't fly to every destination, some such as AirAsiaX partner with mainline carriers to connect travelers once they reach their destination country. This could save travelers the high-priced long-haul ticket, while allowing them to continue on the same itinerary to a smaller, off-the-beaten-track destination with a standard carrier.