Economist Peter Dawson told BloggingStocks Wednesday the delay news was expected, but that doesn't make its consequences less-negative for Boeing's shareholders, or for airlines who've ordered 787s.

"The 787 still holds promise as being a truly innovative airplane...a real fuel saver and a plane with a lot of creature comforts," Dawson said. "But the fact remains that a delayed, futuristic plane is still trumped by a conventional plane that can be delivered within agreed-to timetables." Boeing has more than 900 orders for the 787. Dawson added that he does not have a rating on nor own shares in any airplane manufacturer.

Further, given testing time required, Dawson said it's "highly unlikely" Boeing would be able to deliver any Dreamliners in 2009. "Boeing's latest test flight delay may cause some airlines to delay or even cancel orders and sub planes in Airbus' A330 series," Dawson said.

Stock Analysis: Dawson did not want to speculate on the number of potential order delays/cancellations for the 787 program, but the view from here argues that if Boeing sets a first delivery date later than May 2010, airlines will start modifying orders and seek a substitute plane(s).

One caveat: the global economic slowdown may cause some airlines to lower their revenue estimates, which may prompt some to become more-flexible regarding new airplane deliveries, under the thesis that passenger demand may not be sufficient to deploy all of the new 787s.