Kapton, I think you missed my point slightly. When Flybe and EMX went head to head they were in direct competition, both had planes and crews based here, and flew similar routes. The one with the bigger pockets won, that's what tends to happen and is one of the privileges of living in a capitalist society.
In the main, Flybe offered a direct replacement to the services offered by EMX - with the obvious exception of LCY. The viability of the LCY route warrants a thread of it's own, but history has shown that it's been a bit of a struggle to make it viable. British European, VLM and Aer Aran couldn't make it work, who knows whether EMX were making money on it. Maybe BACF using an Eastern Airways Saab can - time will tell.
Easyjet, should they make Flybe's tenure on the Island unviable, will never be able to offer the range and frequency of services currently available . There would be two flights per day at the most to the main destinations. Foggy days will see their aircraft divert back to base in the UK to carry on their lines of work elsewhere. Locally based aircraft would be more minded to hold for an improvement for a longer period and would always return to the Island following and diversion. Since the runway extension at Ronaldsway the landing minima have increased, weather diversions are much more likely.