"you shouldn't judge the expertise in the company just fom the name!"
The name sucks, but the same could be said for several other airlines which are still with us - some of which might even be making profits.
But whatever they are called, I think there is good reason for healthy scepticism over what they are trying to do:
1) The 150 seat loco market is already very saturated.
2) B737-300s might be cheap to lease, but they don't offer much by way of fuel economy or green credentials.
3) Loco ultimately needs scale, but believing that this comes from a name which has great branding opportunities isn't the way forward.
4) Just because a route is unserved from CWL doesn't mean it should be served, or that it can be operated profitably.
5) As with most other European regional airports, there has to be more potential to serve thinner routes using smaller equipment - but again, there are already a fair few players here.