EZY would not be interested in any other routes, these would be the only ones to make money and fit their business model. They are a business and thus why would they look at any other routes?
IOM passengers will benefit from it in the long run. Flybe won't be going anywhere, they have already had their spat with LGW over charges but it is a cash cow for them and remain so. EZY won't be doing any red-eyes.
Customer choice is something IOM needs, not just in aviation!