Either way flyBe will look very different in 12-18 months.
If the deal goes well, Connect will operate ATRs for SAS and Aer Lingus (possibly streamlined on the Stobart AOC), ERJs for BA and KLM and E175s & Q400s for/in Virgin Colours. The UK network will likely focus on areas like MAN, LHR (limited), SEN, BHD, SOU, EXT, etc where flyBe have less LCC completion and should be able to charge higher fares. The Virgin brand might also be able to drive higher revenue - partially though connections, but also through brand recognition and FFP loyalty to VS and SkyTeam.
What might happen to the remainder of the E195s is unclear right now, but they likely will leave the fleet. If this deal fails and the airline collapses, everything will leave the fleet and investors will get nothing. Judging by the LGW slot sales and emergency cash injections, that’s a matter of weeks, without radical change.