Feedback on this topic: one writer to "The Blade" stated that Ronald Reagan was to "blame" for deregulation. This is not true; deregulation happened in 1978, Jimmy Carter was president then.
Don't blame deregulation on Toledo's airport problem. The airport was apparently artificially supported pre-deregulation; remember that in those times, airfares were EXTREMELY high, and airfares supported the additional service levels that it enjoyed (which were really not that much higher, the planes were bigger though).
Also, that airport has ALWAYS been small; it has not grown pre or post deregulation. Now that the market rules apply, it's just a matter of supply and demand. That's why all that's left out there are little planes.
Further, Toledo's airport has a lousy location. It was built way too far away from town. The drive to DTW is roughly comparable, and now is even shorter with the new terminal. I fly into DTW and TOL often, but TOL always requires a connection (I live in Florida). This adds at least two to three hours to the trip. I prefer to rent a car in Detroit and drive down, for the time savings alone.
Finally, Air-Tran.....why did Toledo look to this carrier to be the juggernaut to revitalize the airport? There are a lot of reasons why Air Tran was a poor choice: It's a low cost carrier by design. It only serves Atlanta, which has been served by Delta for many years. (Given the choice of Delta or Airtran, most passengers would prefer Delta due to their frequent flyer program, and much bigger destination system). Again, most passengers using TOL have to connect somewhere...this makes DTW all the more the preferred choice.
Toledo's airport, in my estimation, will never be able to grow beyond it's current capacity, unless something dramatic happens, i.e. making it a hub for an upstart airline. That's not unfeasable; the runways are very long and can handle most jets. Way back in the early 80's, Newark was nearly deserted, although it was geographically preferable to JFK and LGA. Then came PeopleExpress, with $39 flights. The rest is history. Of course the problem regionally, is that if TOL were to want to siphon DTW business, the drive for Detroit residents would be prohibitave, as it's on the opposite side of town (again with the location problem).
So it looks like TOL is destined to be just what it is; a small, declining facility with only regional type service to a limited number of hubs. Prices will be market driven; although, the new regional jets are very economical to operate, but again the airlines will only provide service there if it makes a profit. AirTran obviously didn't have the deep pockets to continue to provide subsidized service; the major carriers that still provide service will need to turn a profit, or they'll leave as well. Doesn't sound too promising, I wouldn't put any money on it.