The NHL will return back to Atlanta, eventually. Why? Television.
In a world where 60" HDTV's are now under $1,000, the NHL will soon have to restructure its business model to make television it's main source of revenue. In doing so, it will try to encapsulate the biggest markets in North America, and Atlanta is in the top 10. While the small Canadian markets will soon scream bloody murder in 10 years, the major television networks that will be re-upping for the next "wave of television" will insist that all major markets are represented.
As far as the arena.... I think many are right. It won't be back at Philips Arena. With the Braves moving to the perimeter (near the suburbs, and near 90% of the hockey fans in ATL too), there is space carved out in the metro center designs to house not only the entertainment district and new Braves Stadium, but a full-scale arena. Whoever buys the Braves from Liberty Media, Inc. will probably get a package NHL franchise with it.
To people who think past failure will hurt it, don't understand future market structure of the league and sports. The days of "gate-attendance" being the driving force of revenue is evaporating, as it should. While I'm constantly impressed with Winnipegs ability to draw, I'll be interested to see how the team looks 10 years in of they continue to miss the playoffs.
Atlanta, like Dallas, is a major transient city where many northerners move to for jobs and better weather. It has the ability, population, and television market to support an NHL team. I'd be willing to bet the television execs are going to sit down after the past poll released on sports popularity in America (which listed hockey as less popular than MINOR LEAGUE BASEBALL), how to get more eyes on the sport. The answer is, and will always be, television footprint.
Hopefully, the fine folks who get the team won't be a complete bunch of asshats like the Atlanta Spirit Group.