I think 'Ayline' is absolutly spot on with the comments.
Consider if you will...
MAN - GCI with GR £205 'low' weekday return in Feb
MAN - NYC with BA £209 return in Feb (promo fare)
I know there is a lot of money in the CI but I know where Id rather go!
Some of the crazy things going on down there include the dropping of EMA-GCI even thought it was 128% up summer 2004 with daily flights - sounds daft but I guess its the profitbability thats important.
We must not forget that the ATR72s were financed by the States of Guernsey. However a much wiser investment would probably have being in extending the runway (if flybe ever do get 319s or 737s then they wont be able to operate from GCI).
Personal opinion... let flybe concentrate on the big stuff e.g. LGW, MAN, BHX etc and let GR and AX bring some competition to the intra-island and south coast and get the prices down and frequency up.