I watched Pan Am sell their name a couple of times. In both cases it came down to a budget airline with a business plan based on a name and name only. If the "new Eastern" does get it off the ground, don't expect sucess unless they have an agressive plan to claim a stake in a market where most fail.
If they come close to threatening a legacy, or SWA, Air Tran or even Jet Blue's pocket book they better have a lot of cash to hold out as these airlines slash prices on their routes.