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This still assumes that Parliament can somehow revoke Article 50 and say actually we don't want to leave. Pessimistically I would imagine the EU will say That's it times up and out we go, regardless of if we want to or not
branwen-
That is actually an interesting question though. Has it been decided yet on the EU side whether Article 50 can be revoked?
Overall, I think the EU would much prefer the UK to stay, especially if that is the result of a UK movement rather than something that is seen as being imposed on the UK. While the whole "they need us more than we need them" is of course bullshit, the UK leaving the EU is still not good for business in a number of EU countries - it's not like they're actively trying to get rid of the UK.
SwissChap
I think it's possible. But I think it would be a result of Theresa May denying parliament a say through democratic skulduggery. I still have some faith in both parliament and the EU.