This time (Gulf War II) the airlines are able to draw from past experience (Gulf War I). The lesson is simple:
Bombs start dropping - airline bookings stop
Bombs stop dropping - airling bookings pick up again
If, as Luke mentioned earlier, this war is inevitable, then lets hope it is short because if the bombs are dropping for any significant length of time then we will see some airline economic casualties as well. As far as I am concerned they could send the bill to Tony Blair but that isn't going to happen unfortunately.
I cling to the hope that this is just sabre-rattling in order to get saddam to do what they want. However, I fear that the US government is not clever enough to think of such a thing. Tony Blair might be, but I just don't trust him (never have, never will).
Lazlo