Stepping out of the virtual world and into the real world, I just got back from a trip on the "Island Hopper," United's flight from Honolulu to Guam via the Marshall Islands and Micronesia (HNL-MAJ-KWA-KSA-PNI-TKK-GUM, to be exact), which serves as the main commercial air service to most of Micronesia in the real world.
Based on what I saw, in order for a Micronesian airline to truly be well-simulated in AE, the game needs more than just the open skies agreement. AE would need a method of allowing intermediate stops on direct-but-not-nonstop flights, allowing passengers between all origins and destinations to share the flight. For instance, there may be a half dozen passengers flying from TKK to PNI, another 20 from GUM to KWA, another 10 from TKK to HNL, etc. In AE these cannot be represented on the same flight (the hub model relies on demand generation in a completely unrelated way). In real life, they just get on and off the Island Hopper at intermediate stops, keeping the plane relatively full despite no one island having enough demand to fill a 737-800.
However, the Island Hopper is very unique. 99.9% of commercial flights worldwide are not like Micronesia's Island Hopper.