FRatSTN, I hate to burst your bubble, but the LPL - IOM route will not, by my instincts see any loss of passengers through the reductions by FlyBe. Despite previous reductions (chopping the fourth flight on a Tuesday, Wednesday and Thursday, for example, the additional capacity provided by Easyjet has contributed to a sustained period of passenger growth on the route.
As for the impact of other changes, yes there will be a further dip in numbers, but the encouraging start to January 2014 suggests that there may be better performance in the off-season to help mitigate summer reductions.
I am amazed that the fortunes of Liverpool Airport seem to be constantly at the top of your agenda, highlighting any route reductions quicker than Sky break a political scandal, and with equal zeal.