According to FlyCheapo, there are presently 47 low-cost airlines that offer flights to European destinations. As with any bargain deal, there is always a chance that there are some strings attached to the deal.
Do check if your nearest airport is served by low-cost airlines. In England, low-cost airlines such as RyanAir and EasyJet do not fly out of Heathrow instead they operate from Gatwick, Stansted, and Luton. In case there is no connecting service by the low-cost services, you will have to bear baggage checking one more time.
Not all destinations are covered by low-fare airlines, so look up your options at sites like Flycheapo and http://www.whichbudget.com. It’s better to fly with a low-fare airline that has been around for some time because there is a chance that your airline may actually not be in business when it’s your turn to fly. Also, since these airlines operate on very thin margins, they are liable to drop unprofitable routes at short notice.