CO to EWR
It's a shame for those people who regularly used the route and for the reputation of the airport in the eyes of those people who don't usually take a close interest in aviation matters but who see the loss of the route as a telling blow to the viability of the airport as a whole - in the letters column of the local paper for example.
With the recession and Continental's increasing presence at Heathrow just along the M4 (they had no access at all when the BRS-EWR route was started) it was always going to be a monumental task to retain the Bristol route.
Someone may pick it up or something like it in the future - no-one can accurately forecast the fortunes of civil aviation over the next two years let along the next ten - but I believe the important thing is for Bristol to have a portfolio of routes that can be realistically operated. Might be stating the obvious but it is something that should never be marginalised. Long haul can still be accomplished via Amsterdam or Paris with Brussels chipping in as well. I hope that Frankfurt returns with LH as, from a personal point of view, that hub offers me more than the others.
Bristol area people are also fortunate in having the country's major airport relatively close with numerous long haul destinations (though I realise that this proximity can sometimes work against the aspirations of BRS) and don't forget BHX just along the M5 still has a CO EWR route and a twice-daily Emirates connection to Dubai and all the onward destinations that provides.
I think we are luckier than most with all this choice and birdscarer is right when he says there is much to be optimistic about in the current fortunes of the airport.
Hotel
The local Weston paper reports the airport have submitted plans to the local authority for permission to build an onsite 251-room hotel. Needless to say SBAE is calling for the application to be withdrawn.
I believe BRS is the largest UK airport without an onsite hotel.