Flybe didnt fail due to one reason, it failed due to many. Maybe Flybe 2.0 if taken as a clean sheet will succeed, if the incoming management have learnt from history it could be successful. Costs will be lower and if they're not, they're doing it wrong! Crew costs can be significantly reduced, no doubt in line with Eastern / Loganair / Blue Islands, they will certainly in the short term not have the union aspect to deal with, allowing easier management of crew and costs.
Most other costs also reduced, including fuel, (the dash 8 gets even cheaper to operate). If going down the clean sheet route they also have the chance to pick the best aircraft for the operation, do they need Dash 8's or can the ATR work? Do they need 70+ seats or can a mix of ATR42/72 work? NAC et al will have many aircraft available and as the new operation is planned to be small, they'll only need a handful of aircraft initially. Plenty of second / third / fourth hand turboprops sitting around waiting to fly!
The only thing for sure is that Flybe 2.0 won't be picking up where it left off, its a new world and a world that now has stronger competition who are teaming up to make things work. Loganair + Blue Islands V Aurigny + Eastern seem to be the set up from the latest news on Codeshares and partnerships. Who will Flybe pick to get into bed with? The power house from Scotland (with very stable and progressive management) combined with the Jersey Government backed Blue Islands or Guernsey's state owned regional airline (with more aircraft than it knows what to do with) combined with the East Coast local government vanity project knows to many as Eastern Airways. Interesting times to say the least!