So let's park it from boths sides and see how they do. I don't think they deserve to succeed, as failed businesses really should stay failed IMHO. There's a bad smell about reneging on your debts and relaunching and many, many do not buy the "it's a different airline" line. The public will likely buy tickets and the losers may end up being the airlines who didn't renege on their debts and kept afloat during the toughest of times. The winner may well be the debt free "new" flybe, the public doesn't care. Any job losses at Loganair, Eastern, Aurigny or Blue Islands at the door of flybe2 will be especially hard to swallow. I am no left wing socialist but some business practices are clearly legal and IMHO, unethical.
But please stop the pretence that's they've got nothing to do with the failed original, it's not believable.