At present Ryanair do not do baggage transfers etc between connecting flights. Can't see UK passengers having the same confidence in using Dublin as a hub if they've to rely on a point to point style flight to get there and if they're left stranded if they miss their connection.
Given on time flight performance in well into the 90's and cancellations are few and far between then why would you need to worry ???
Love the continuing idea that as soon as FR look at something it automatically gets a "It will never work because they haven't considered X"................Funny thing is if can be thought of by someone not connected to FR, why do you assume it can not be thought of at FR