The reality is (IF) Flybe 2.0 comes to life then its going to be a very very small, concentrated operation, most likely only with a handful of aircraft operating from a couple of bases linking the regions. A MAN or BHX base would be sensible as the aircraft could then link North, South, Ireland and Scotland. Yes they would be competing against (potentially) larger and hungrier companies like Loganair, Easyjet and even maybe IAG (in some form). If they are sensible they would work with the other operators, code sharing with who ever will have them, Blue Islands and Loganair have already got their code share arranged and working, Eastern and Aurigny are also putting one together.
Theres plenty of aircraft ready with possibly lower lease costs, will they go for the Dash over the ATR, who knows, after all its a clean sheet, the ATR is the accountants Friend and NAC et al will no doubt have many airframe ready and waiting. The biggest cost change will be the crewing aspect, no unions, a small crew compliment working on (no doubt) significantly lower wages, most likely more in line with the likes of Eastern, Loganair and Blue Islands.
Flybe 2.0 could be fantastic, maybe like the other operators who stepped in, they will provide a more local brand, a more local feel operating some more niche routes, hopefully Flybe 2.0 won't look to compete with LM, T3, BI but work with them, it would be interesting to see whether they choose Team Loganair / Blue Islands or go to the other side with Eastern / Aurigny. One thing is for certain though, Flybe 2.0 won't be the same and they certainly won't be picking up where they left off! The world has changed.