Yes it will. Out of memory the A380-800 will be hauling around 800 eventually and the A380-900 around 1000. At the moment it takes 550 in a very low density 3 class configuration. A 747 with a similar configuration and seat pitch will take less than 400.

And,... The first time... JUST ONE,... that crashes ( if ever ),.. it will be like losing an entire TOWN of people in one quick death blow.
If Airbus, with their 380 (in 2005) is hoping to compete with a 36 year old 747, then I think they are setting their goals pretty low.
Well, they are trying to indeed make the same change to aviation that a large plane like the 747 did.
The "correct" direction that we should be heading is for faster, and more efficent possible (semi orbital ) configurations that would enable quicker travel. ( in my opinion of course )
The A380 looks really good, but,... mostly completely unneeded.
By the way,,.. How many 747's do you even see "FILLED" to the max regularly? I have been in quite a few, and... well. They ALL have had plenty of seating available. I think that in oder to fill the seats of this new plane, the demand sure needs to increase in someway.
