Waterford-Amsterdam is doomed to failure. Without a codeshare and interlining agreement they won't have the pax to make a profit. Over half the passengers on ORK-AMS are connecting out of Amsterdam and few of the remainder will find Waterford more convenient.
Malaga and Faro ran last year from Waterford anyway. I'd say they'll make a good go of those routes in the summer months. Malaga can probably take what passengers are lost (remember that many of the passengers will originate in Galway and significant numbers of others would have flown from Dublin). Faro is probably dodgiest of the three route as Aer Lingus have showed tenuous committment to it up to now.
As for Aer Arann's strategy out of Cork. We'll have to see with that. I'm sure they are well aware that a number of their routes would be vulnerable to competition. I guess EDI is the most threatened with BHD and CWL other ones where they could be driven off the route.
The only thing is that with Aer Arann they have a habit of performing complete U-turns on their strategy, as we've seen with their continual cutting and adding of flights on the Dublin route, the chopping and changing of their route structure in Galway and the farce that was the Lille base.