Apparently, a few crashing/missing planes means the entirety of the air travel industry is incredibly deadly - this is, of course, ludicrous. On that fateful day when one Air Asia flight failed to reach its destination, hundreds more Air Asia flights managed to reach their destinations. Just because there are some exceptions to the rule does not invalidate the rule completely.
Air Asia flights are safe. All airlines have had planes go down in the past. This does not make all airplanes unsafe. Although unfortunate, plane wrecks do happen. One plane wreck should not ruin an entire company. Compared to car accidents, far less people die in airplane accidents. Overall, flying is safe and so is Air Asia flights.
Airplane crashes are by their nature often more spectacular and more deadly than your run of the mill car crash. For this reason, they tend to get a lot more attention than car crashes, and with good reason. That said, however, it should be pointed out that statistically speaking, you are much, much more likely to get in a car crash. This being the case, I believe it is still safe to fly on Air Asia.
Given their recent issues with flights and more so given the nature of the region where these flights are operating I wouldn't feel safe shaking the dice. Its much like after 9/11 there was a lot of apprehension getting back to normal flying but there is a lot larger lack of security and control in this area that makes it less than safe to fly Air Asia.
No, it is not currently safe to fly on Air Asia. Until a thorough investigation is completed and issues regarding this airline are addressed, it is not particularly safe to fly with them. This airline needs to figure out if the crash was a result of pilot air or is a result of problems with their planes. It may be safe to fly with them in the future but it is not currently safe.