Late-breaking news!
According to press reports - Michael O'Leary and Daniel Carvalho of Ryanair will be holding a press conference at Faro Airport on Wednesday morning, 16 de Dezembro 2010.
See:
http://www.lowcostportugal.net/uncategorized/michael-oleary-em-faro-na-quarta-feira/2009/12/
Speculation is that there will be announcement of new routes to Faro and/or establishment of a Ryanair base at Faro.