I had a new idea for AA so I figure this would be a good spot for it.
First I want to start by again saying I am completely against wiping out AA (Air Asia). Just because they are no longer a sponser doesn't mean you have to blow the island up. I know there isn't a whole lot there other than a spot to "farm" and catch bugs. That doesn't mean they cant alter the island. So this would be my idea for doing that:
The story line for the change: Hordes of baddies attack,and take over the island. Running off all the npc's that reside there forcing them to relocate to other areas on the map thus basically turning AA into a ghost town/Island full of baddies. I don't think you would have to change the areas look to much. Just add some damage to the buildings and furniture type items on the island. There would be baddies patrolling the whole island and it would be completely PK minus an inner building/cave area that would be safe.
The only shop I could really see being there would be a Bomb/arrow vender. There really wouldn't need to be shops there anyways since its now full of baddies and has become a ghost town. I suppose you could have some type of baddie run shop or something if you wanted. They could also turn one of the newly damaged buildings into a make shift Tower. They could also set up some sort of daily quest type thing where some one on the main map asks you to go to AA to clear out some of the baddies and/or retrieve some item they left in their hurry to leave the Island.
This would get rid of the need to use the Air balloon for travel to AA as it would no longer be safe,and they would have to set it up so you can take the boat by DW to get there or the one by Belle or some other means to sneak onto the island. This would wipe out the sponser's name,the Air Balloon unless they decided to use it for something else,and would allow for them to change the Islands name if they so choose to.