Well, the Northern Isle did form and run an airline back in 1968 (I think it was, from memory). That airline was called Aurigny.
The whole question of the economics is being confused by 'smoke and mirrors'. Aurigny have claimed that they are losing £900,000 a year on the Alderney route but when challenged on this figure they remain stubbornly reticent as to how this figure is arrived at. This was mentioned in the States debate earlier this year.
http://www.gov.gg/CHttpHandler.ashx?id=88629&p=0
Word on the ground is that Aurigny want to axe the Alderney-Southampton route and move all passengers through Guernsey. This will make it near impossible for business types to visit London for example and back on the same day.