I don't think either are designed for Newquay to Falmouth journeys but for intermediate trips. The bus and train serve different routes.
At the moment there are 5 buses an hour between Truro and Newquay via different routes with Go bus being the quickest.

 
Very backward step with no through buses from Falmouth and Penryn to the hospital at Treliske. The way First are going one can only hope they will pull out of Cornwall soon.

 
The current through route was only introduced 2-3 years ago, along with St Austell/ Newquay to Penzance/st ives, which have both been cut.

It was an initiative to save buses, as they were all terminating at Truro college to serve Treliske Hospital previously.
It combined Falmouth to Truro college with Truro to Newquay via Truro college, which saved several buses off the peak requirement, with big cost savings.
The problem is knock on delays, get delayed in Newquay it affects the Falmouth side. The new schedule no longer sees Falmouth buses continuing to Treliske and Truro college.

 
no.1 -  not too many. on the occasions I've done it, probably once a month, there's been about half a dozen-ish.

no.2 - Perhaps I've been lucky but it's been ok, when I've used it. There was quite a bit of disruption when the A30 was being rebuilt last year and it got to a stage where the delays were bad, especially during the summer that they did split the journey to maintain a regular Truro - Falmouth service but that project is just about complete so shouldn't be a factor. Perhaps First are being cautious.

no.3 - using my experience if it has fair loadings throughout, even mid-winter. Some sections are busier than others. Falmouth to the Uni campus in Penryn always tends to be the busiest. Then pick ups at Devoran & Playing Place into Truro before generally emptying. From Truro bus station people get on for the Railway station then Treliske Hospital (Cornwall's main Hospital) and Threemilestone. After that it is quieter but, especially during the holiday season, it can get quite busy again as it calls at St Agnes (alternate services) and Perranporth and Perran Sands Holiday camp taking people into Newquay.

no.4 You would hope not. During the Roadworks on the A30 when the service was split they did keep through ticketing. The difference then was both parts of the service operated under the same number U1 / U1A. Now it's going to be two different services I'm not optimistic.  I think I'll ask the question.

 

Questions I would have, not knowing the service(s)

1. How many people remain on the existing service at Truro?

2. How often does disruption on one leg of the service lead to disruption on the other leg?

3. Is there notable overcapacity (lots of fresh air) on one leg but not the other?

4. Does this mean that the fare from Falmouth to Newquay goes up from £3 to £6?

 
The current U1 / U1A/E runs hourly through the main part of the day, from Falmouth through Truro and Perranporth to Newquay. From April it will only run Falmouth - Truro with passengers having to change onto the 87.

Does this prove that there isn't a call for a through service? or, more likely, to publicise "the only direct way between these two places" is by the fantastic new Cornwall Metro coming sometime.....