Well the strategic issues facing the industry are as significant as ever:
- how might further mergers and acquisitions transform the industry
- how to position your airline in the face of competition from low cost airlines
- how will the introduction of super-jumbos impact routes, traffic, service offerings, etc.
- what impact will environmental issues and new efficient aircraft have on the industry
I don't think the sector is any less in need of strategy consulting now than it was back when I worked in the industry. I'd suggest taking a look at the aviation pages of my old firm Roland Berger and that'll give you a better idea of the type of work being undertaken by strategy firms:
Hope this is helpful