Jaybird hit most the good/bad points. If you can live with the domicile system then go for it. Don't count on home basing for a very long time, probably more than 5 years. I'm furloughed from a major airline and have passed recall once already. I have no intention of returning. My top end salary at NJA may not be as much as I might (key word might) make back at a major airline but the job security and quality of life makes up for that. And don't forget to add in not paying anything for our benefits.
A few other good things:
-much more concern about safety than the airlines. No questions asked fatigue call policy.
-10 hour min rest, 11.5 hours from block in to block out. Much better than 121 rules.
-meeting some interesting pax (celebrities and such)
-occasional tips (in my case about $300 over 18 months)
-more per diem than most airlines due to longer trips (avg $250/per 7 day trip )
-401K with 50% match up to IRS max (2006 contribute $15,000, NJA matches $7500, 2007 limit is $15,500). Young pilots can build a very large retirement nestegg.
-Hotel Points and Airline miles, usually enough every year for a free 1 week vacation at a resort location.
A few other bad things:
-Long duty days usually up to 12 hours unless you break.
-fly to 10 hours per day & no 30 in 7 limits.
-RON's that average 12-13 hours, not a lot of time to go out and do things.
-Pax that try to bring way too much luggage.
-lots of sitting around time at FBO's. That's why the duty days are long, if you finish early they'll keep you on standby up to around 12 hours of duty.
-Can't get every weekend off. At most airlines when you're senior enough you can hold weekends off. Here the best you'll do is every other weekend off. On the other hand even very junior pilots can have that.
-free FBO Cookies (yes that's a bad thing for cookie addicts :0 )
AirBear
If it helps your decision at all. I was a 170 CA at S5 that left to go to NetJets.
Likes:
Stability
Crew Meals
Ability to plan my schedule months/years in advance
Future (Hopefully my last company to work for)
Union with a backbone
Decent hotels
Variety of flying (not going to same airports all the time)
Vacations three weeks at a time
There are probably many more, I just can't think of them now
Dislike:
Temporary pay cut
You never really know when your done for the day or where you will be (this could really bother some people, I dont mind it, just pointing it out)