The prospects of Flybe MkII are so alarming that it's hard to see this being taken seriously. It was an airline which failed to generate substantive profits in the best of times, and although there will be a queue of people ready to decry the efforts of Saad, CO-W and those who followed, the incontrovertible truth is that none of them found the winning formula needed to make the business truly sustainable. Three rounds of management later - not all of whom could have been totally incompetent (surely!!) - and you are left with the conclusion that this was a fundamental problem with the business model that none of them could fix.
The notion that it could somehow return and create a sensible raison d'etre during the worst downturn that this industry has ever seen is fanciful. In times as dire as those we face today, I can see why the prospect may provide some faint hope that some will latch onto, but it is just that.