While I think I understand the basic concept behind the current regulations, their ultimate result was protectionist and favored only a few carriers that were allowed to reap the rewards. The original intent was probably noble but the end result allowed for a near monopoly.

I've always favored the open approach. Allow the consumer to decide on who they want to fly and where based on some variable of price, value and convenience. Ultimately it should be the consumer who is allowed to decide by vote of their pocketbook who they fly and where. In other words let the airlines make their case to the consumer and let the consumer decide, not a bunch of bureaucrats.

There will be winners and losers but the net result should be (or at least we hope) a better product at a better price. Competition is a good thing!