Well thats good news, at least Monarch is giving it a go. I doubt PIA would but there is no reason they couldnt, Elal makes the same kind of niche route targeted at large local communities work. I thought Air Blue were a bit of a financial mess? Maybe a British company could try it.. who knows. There are far more stupid routes announced every week then a Luton to Pakistan connection.
As for the small commuter all I can come up with is Eastern or Cityjet who might be heading in a new direction under new ownership. BMI regional seems to use Luton a lot for one off charters.. they seem to turn up daily, They probably dont have the right aircraft to turn a profit on those routes though.
Surely if there are people in the business who are willing to risk running fokker 50s out of Oxford and Saab 2000s out of cambridge there is someone who would take a punt at some already "proven" routes. Who knows though... we shall see.