Charter decline has flattened out, but if it continues it is likely to transfer to alternative loco flights, which are increasingly available at MAN, rather than leaking to LPL, LBA etc.
One thing to remember is, that whilst there is natural leakage to loco's, from the back end of 2008, the dip steepens due to XL going bust (sept 2008), TCX/MYT merger in effect from the end of 2007, and then the TOM/FCA merger taking effect in 2008. Add to that the smaller complanies like Turkuaz, Goldtrail and Eurocypria, these were all events beyond the control of MAN, so little they could do to counteract it.
Full service 'legacy' flag carriers are not dead, and MAN is their most likely UK port of call once London opportunities have been exhausted. As well as TAP, I think we'll see a few more once-familiar tails back on the the apron before long
I have heard that Iberia are very keen to get MAN up and running for september, OS to VIE is one always thrown about, Air Canada in their loco form (or maybe back in their regular format now Globespan/zoom arnt stealing their traffic, after all they have re-applied for slots in the past 2 years).