Regionalising transaltlantic service is an important issue, but to really sort out transport issues in the UK, a lot more is needed...but anyway...CWL like many UK regionals has room for expansion, but lets not get carried away.
CWL is probably not too high on COs checklist, but I can see it happening in 4-5 years maybe. What will really help LHR and LGW (and for that matter the M4 and GWR (for those who are local to me)) is a more realistic regionalisation of services.
Air Wales is ambitious, but how about they grow orderly, like CLW-STN, GLA, EDI, DUB, CDG, BRU, AMS, BFS, then maybe start thinking about something bigger than a flying tin. I would imagine BA and KLM UK will try kill Air Wales if it becomes a real threat, and that a transatlantic service is pretty unrealistic, but great publicity for Air Wales!