Personally, I think some of the regionals are good buys. Skywest and ACA have been taken down due to United. If United goes under, I guess that could impact their bottom line. On the other hand, Delta relies heavily on Skywest, so whoever takes over United might do the same.
Everyone on this board agrees that mainlines are trying to get around scope and push flying out to the regionals. The regionals are hiring, they are making money, and they are growing. I doubt that trend will end any time soon.
You might want to check out the message boards on finance.yahoo.com for some financial discussions.