DeskDriver,
I think those US Govt restrictions of foreign ownership are to protect offshore airlines from coming in and shutting down USA carriers; in my opinion, letting Sir Richard set up an airline would be a good thing, with lots of jobs for Americans. It should be allowed, and I hope it works.
Twenty years ago, Eastern/Braniff/TWA/PanAm were huge; today it is AA/UA/US/NW. In twenty more years, it could be Southwest/JetBlue/AirTran/VirginRed!!!
Or it could be this:
