For me this is actually a bit of a shame, assuming the Flybe schedule stays that way and they don't add flights in the future.
I'm as keen to see EZY expand and develop from SOU as anyone, but I do think it's unfortunate if Flybe pull off the Geneva route completely. Their flights to/from there have had good loads this season, and if they haven't made money from them (>80% full Dash 8s on a <90 minute flight at the weekends when demand is highest) then I don't know how they make their money!
From a consumer point of view going to one carrier on the route will mean less choice of flights and possibly higher prices owing to the lack of competition. Also less movements for the airport.
It'll be good if EZY do expand, but there's no indication that they will yet, and even if they do I'd have thought there could have been room for two carriers on this route, at least for another season to see how it all pans out.