I haven't been to Warnervale for a while, last time I was there I was waiting for the banjo playing mountain people to hop out of one of those 1950 C150's they still use.
It would be nice to have more choice between the sydney and Newcastle, but I don't think Warnervale dissapearing will have much affect on the industry.
If you look at the Central Coast aero Club site you will see that it does look like they have a reasonable, not yet confirmed chance of moving to Aero Pelican.
With some forsight the local council will encourage more operators to take advantage of the runway. It used to be pretty much a closed shop, no private flights allowed.