Two local sources have confirned that Transavia will begin direct scheduled services between Porto and Madeira from March 2010.
See:(In Portuguese)
http://ultimahora.jornaldamadeira.pt/index.php?/pt/noticias/200911205444/noticias/economia/transavia-com-nova-ligacao-porto-funchal-em-marco.html
and
http://www.lowcostportugal.net/aeroportos/porto-funchal-via-transavia-marco-2010/2009/11/
I have also be apprised recently of two new commercial services offering car hire and transport services in Madeira.
Madeira Transfers
and
Funchal Car Hire