The code share only works if you are connecting to or from an EK flight when booking it as a single ticket.

I have used it twice this year on EK while flying

IOM-MAN-DXB-DEL-DXB-MAN-IOM

The advantage is that I get my full baggage allowance from checkin to final destination .Bags are also checked in all the way through.

Worked out cheaper than buying separate FLYBE and EK tickets .

However I did not get any skywards/tier miles for the flights taken on FLYBE.