The IOM has to be gone for good. It used to be operated by ATP, 146, Q400. But now that Ezy have three rotations per weekday out of LGW? That amount of capacity has to be filled. Then LCY takes the small amount of Biz pax. There are routes from BHX and MAN and several others, so I cannot see the South East providing more demand.
When my mother retired to the Island, I used the service for well over 20 years and mighty good it was but, I cannot see it coming back.