Eastern did MAN and pulled put more or less overnight IIRC. Business Air seemed to make it work ok before them.
Certainly scope for services to Belfast / Dublin (Flybe perhaps) as the two Uni's in Dundee is home to what seems like millions of Irish students during term time.
Went to Birmingham from EDI on Saturday and was more than half empty on the way down so doubt the demand is there from Dundee.
Biggest problems are its to small for Ryanair / Easyjets737's (can only get up to Bae 146's) and Dundee is, more or less, around and hour from the ABZ, EDI and GLA airports so they are not a hassle to travel to.