bmi hasn't had much luck in the Italian market, and I wonder how quickly the airline, under whatever guise, would be interested in returning. bmibaby couldn't make PSA or BGY work from EMA, as well as quickly retreating from LIN and FCO at LHR. Personally I think bmibaby will add more destinations in France, Spain & Eastern Europe - including destinations currently served either by mainline or baby from other bases. I really can't see baby being radical, they never have been, though I wait & hope to be corrected.
flybe might make a better go of Italy like they've done with France & Spain, and now with flights to Germany. I don't think it's a lack of BHX's management for trying, but airlines are loathe to try something a bit different and out-of-the-box (unless they're Ryanair.)