There certainly is something going on!
The capacity to run from the Isle of Wight to one of the London airports is there.Major investment has occured on the Isle with many high tech businesses moving here in recent years (cheap land expensive ferry). This has basically boosted the population and increased wages. The island also has major events going on during the the holiday season (2 pop/rock concerts/Cowes week/powerboat week)which attatract hords of people on top of the normal holiday makers.Like many communities throughout the UK we also have DFLs (Down from London) with cosy cottages costing a fortune.
The holiday camps are prepared to give there data bases to the operators to advertise flights to the island.Rumor has is that the ferry companies are prepared to sponsor it in some way because part of there business is to sell IOW holidays.
As far as I can see being a resident most of the hard work is done.
Two airports.
Bembridge has a terminal building,hangers and mechanical staff.
The customers are plentiful for a some small operator both holiday makers and people wishing to get to London.
The only thing missing is an AOC and an aircraft.Ok I know it is a little bit more envolved than that, but its all here for the right operator.