While you may be absolutely correct, that's a fairly short-sighted way to look at the future for Cebu. Company managers who manage to merge usually end up screwing the company over. Company managers who manage to try to make money mail sometimes fail, but they usually look more attractive for a merger, anyway.
The 717 range "issue" is not really an issue, either. It's a niche aircraft designed to do a few things and do them very, very
Think of it this way: If you're going hunting, you could bring a rifle, which is an excellent long-range (400-500 yards) weapon but is more cumbersome at short ranges. Or you could bring a bow and arrows, which are shorter ranged but can still kill a large animal at 200 yards and have excellent short-range characteristics.
In this metaphor, the 717 would be the bow and arrow: Not suitable for everyone, but for certain areas and in certain conditions, better than the rifle.
The real problem the 717 has had is scope: It's a mainline aircraft, and there are or soon will be aircraft that do the same job but at RJ
payscales. And I don't believe that this is even that big of an issue, as I have discussed ad-nauseum in the past.
Those who fail to learn history are doomed to repeat it in summer school.