PAXboy
What you say is true BUT, there Is no reason that 'LL could not become a hub on the lines of Amsterdam, Paris & Frankfurt.
All that it needs is the infrastructure to support it - basically terminals, taxiways & runways. Once it has these, IF it EVER does, then it can start competing with those other airports as a hub (international & domestic).
After all, they have all overtaken 'LL because they have the required facilities (allowing them to open & develop the routes which 'LL lacks).
Why shouldn't 'LL claw back some of the business once it has been developed appropriately to enable it do so ?
As I understand it, that is the suggested reason for an extra runway at 'LL - to enable it to expand to meet the, apparent, demand ie new, & more frequent, services & connecting them to domestic & European destinations. Certainly, in the Channel Islands, we are hoping to be able to connect with the myriad of Heathrow destinations (as opposed to the paucity of ' KK ones). I am sure that the same applies to other provincial cities etc. which do not presently have links to 'LL.