Andrew...This Question Is For You

Andrew...you're our economics-of-the-airline-industry maven so this question is for you.

I just returned from three of the toughest travel days I can remember: every flight was delayed.  One, from LA to San Francisco, was delayed for more than three hours.

Some of the delays were weather related and, as much as I'd like to blame the industry, I know that responsibility lies elsewhere. 

Most of the delays seemed to be the result of air traffic, especially jammed schedules that had too many plans scheduled to depart at the same time from the same airport.

That's what prompts this question.  Is there a silver lining to the reduced schedules the airlines seem to puuting in place for economic reasons?  Is it possible that (putting weather problems aside) flights will leave and arrive on time more often if there are fewer of them?  Or should we assume that the FAA will reduce the number of controllers to match the schedule leaving us all right where we started?