The CLE hub will not be totally dismantled. Economics, strangly enough, will dictate that. Even though CO is laying off 12000 employees, they won't all come from CLE, since it will be done by seniority. If you did completely reduce CLE to flights to EWR, IAH, and maybe a few other cities, CO would have to relocate a ton of more senior agents to other stations-the one's that wouldn't be furloughed. There are 4100 employees in CLE, so that's nearly impossible.
I think CLE-LGW, like the furloughs, it temporarily gone. CO has seen that the flight does very well in the peak times of year-better than they expected. But with cutbacks in feeder traffic, it's obvious the route needs to be shelved until economic conditions get better. CO will ask to keep that route, and the US government, and probably the British government, will let them keep the rights to the route.
I had a friend tell me she's heard that CO will go down to like 30 mainline and 100 COEX flights aday. That's a cutback of almost 150 flights a day. Personally, I don't think it will be quite that drastic, but there will be deep cuts.
I also think you'll see the MD-80s and DC-10's retired early, along with a bunch of Turboprops. I think they might furlough the remainder of the aircraft orders they have for a while, with the possible excpetion being the ERJ-145xr, which they start getting next year.