Sorry, ACW, but I want to disagree. For me the Company is what matters - we can look at the photos to see the livery. Naturally Airliners is interested in the appearance of the planes, but here, we go beyond skin deep!
If we follow your logic, then all special livery aircraft would different Companies. And a repaint would mean a database update Then we have to go further - what about Virgin's "No way, BA-AA" stickers, Jet2 Manchester logos, etc. It would all be too much!
Grumpy Rod ;-)