There also selected mid-week dates in Jan and Feb 2009, where IOM-LGW is down to three round trip flights.
This all looks like prudent matching of capacity to projected demand, and is a very sensible approach, to maintain yields and profitability at slack time of year and in uncertain economic circumstances.
Incidentally, some summer 2009 seats released today on IOM-LGW, and selected other routes. Lots of availability right now at £69 return, which isn't bad, all things considered.