I'm sure studies are still ongoing into a smaller type and of course, EI will want to look at the A320 NEO model (and indeed, the A319, if there is a NEO version of that). I'm not sure where they are with the E195 and C-series, but last I heard was that EI was looking for a small sub-fleet of 319s.
As for new bases, I think that's extremely unlikely; that's a hangover from the Mannion days and CM has all but shut down LGW (AGP being the last one surviving) and BFS is down to LHR and some sun routes. I don't see any possibility of a new base being tried; it's all about consolidation now.
I had the pleasure of flying EI from JER to DUB today; perfect flight - great crew, c. 20 mins ahead of schedule and T2 a pleasure to use. One "intangible" - or THE intangible - asset when flying EI is the total lack of stress, compared to FR. With FR, there's a constant worry that one is going to fall foul of some rule , be it baggage or having to have one's passport stamped at the ticket desk (mine's non-EU), or whatever else; with EI, it's so much more relaxing.
Frankly, looking forward, I think there are bigger challenges facing FR than EI; one can say that the low cost revolution of the 1990s and the early part of the last decade has come to a stop, thanks largely to much higher taxes
. FR has spoken of changing its operating model, but how does it go about doing this? That's FR's problem, of course, but EI stands to benefit if FR's "value proposition" goes down the drain.