If you'd applied yesterday it probably would have applied.It's closed to everyone now.

How is making money from an otherwise empty seat not profitable?

They note in their terms that "Air Ticket Cash Credit Voucher will be delivered to your registered email address within 24 Hours."It can be used on the website so should be able to be applied immediately. As long as you don't need to book within 24 hours, you look to be okay.

Or just having calls answered and resolved in a reasonable time.

Not necessarily. Many business travel trips are booked through travel agents. Note that the article states this new "Lite" fair is only bookable through Virgin direct, and not through TAs. Unless this changes, it won't be presented as an option for many business travellers.