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The idea that you can spread demand enough to counter overcrowding by advance pricing just doesn’t cut it while XC trains are the prime mover for so many short and medium distance flows.
They are surely there to make the wires themselves more visible and thus prevent birds flying into them - swans being among the few bird species big enough cause damage by doing so. The fact that they make it less likely that they mistake the trackbed underneath for a nice bit of uninterrupted...
Though the reliability point has to be considered in the context of the maintenance run-down that usually preceded the changeover (itself frequently delayed). Yes - in general reliability would have improved, but the improvement wouldn’t have been as great as it actually appeared.
The problem, when swans mistake land for water, usually after rain, is that they can’t take off again. They can only take off from water. A swan is large and heavy enough to do quite a lot of damage to a train.
The W&W 158 operated services did load well (and survived - albeit truncated) until the beginning of this decade. The “ fresh air movers” were the GW HSTs to Waterloo.
Less successful were FGW’s direct HSTs into Waterloo - partly no doubt precisely because they didn’t tap into any previously non-served domestic market.