@walp,
Not many people realize, this but back in the early 1970's Luton was the most profitable UK airport. It stood by reasonable costs and did not (as MAG once stated) prostitute itself to airlines wanting to increase their profit margins at the expense of profits for the airport and its development of growth.
I personally think it is sad that Luton no longer has an IOM service but if MAG are offering airlines sweeteners (which is fair enough) then at the end of the day it will reflect (I assume) on profits. At the end of the day airports need to make profits to invest in infrastructure.
What we all know is that Luton has the potential to attract customers not only for the Isle of Man but in turn passengers wishing to travel to Ireland.
I honestly believe a new airline operation from Luton could be started to win back lost traffic.
On a good note Luton Airport will most likely exceed 11 million passengers by end of December 2015.