You pose an interesting thread, because there is not a clear cut answer.
First, do not buy into “majors” versus “regionals” labels. It is not accurate. An E170, or CRJ with Delta passengers sitting in “First Class” is not a “regional” operation. It is outsourced brand flying and in as much as management desires a "seamless passenger experience," it is operationally integrated flying. The difference only exists in the notions, dare I say bigotry, of us pilots who categorize ourselves. Pilots operating DC-9 and 737 sized RJ’s may be less qualified than those who flew 737’s and DC-9’s in the past, but we as a profession are responsible for allowing these standards to be lowered. We need only look at the medical profession to learn how a loosely organized group can maintain higher entry requirements to increase demand for qualified professionals.
Quick – where were the pants you are wearing now produced? Asia, Mexico, the United States? Don’t know and don’t care is the same answer most of our passengers would give us. Our union(s) have failed to control outsourcing, or even rationalize, career progression. As those in power move up to larger equipment they seem satisfied to outsource everything below that level.
Second, from a monetary perspective there is little reason to go any where but Southwest, UPS and FedEx. For someone with 25 years remaining the numbers work out roughly as follows:
ASA (old contract) $2,541,000
CAL (current) $3,966,000
AirTran $3,619,000
FedEx $5,769,750
But, by using ASA’s new contract, correcting for the future value of present day dollars, and the 8 to 10 years you are in the hole – a compelling financial argument could be made for remaining at the small jet contractor airline. If you are an instructor, line check airman, or manager at a small jet contractor you might never break even at a legacy carrier. The LCA that performed my IOE in the CRJ200 earned more than the LCA that performed the same duties in an aircraft with three times the capacity.
Delta is one of the best paying legacy carriers. Using their contract pay rates, a pilot beginning there today could expect the following earnings in their first four years*:
MD88 $239,374.80
737-700 $237,728.40
737-800 $259,560.00
767/757 $266,910.00
Under ASA’s old contract my earnings would have been $252,000.00 on the 200 and $285,300.00 on the 700.
*This does not include B fund (which is around 5% better at DL) or credits (which favor the small jet contractor).
Third, most legacy carriers do not fly equipment as advanced as an RJ. Yes there are 777's and 767-400's but most pilots are on the older jets. The RJ is a very easy airplane to train and fly. The MD88, or 737, not so much. For pure flying fun – control harmony, responsiveness and technology, the little jets are hard to beat.
This brings us to the question – why change?
First, you will eventually make more money at a branded airline. Most of the current branded contracts were negotiated at the bankruptcy court with an NLRB that has been hostile to labor. Everyone expects the pay deficit at the branded carriers to be fixed, somewhat. Full restoration, plus inflation, is highly unlikely. But the branded carriers will get better because they hav more negotiating power - they can not be replaced without their agreement.
Second, the benefits and conditions at most of the branded airlines are better. There is a value to working around better trained professionals with a better attitude. This varies from one carrier to another, but generally the branded carriers are better and the military influence helps.
Third, job security. The non-branded carriers have none. They can be replaced, shuffled, displaced – most without a union and even the represented members have not been successful in establishing job protections within the brand that protect them during periods of fleet renewal and adjustment. Continental will always have Continental pilots. Will Continental always have ExpressJet pilots, who knows?
Fourth, seeing the World. For some getting in a widebody and flying the back side of the clock is fun – some see it as flying from one good meal / party to the next. Others of us would rather fly multiple legs, enjoying the friendly competition with the crew to see who can fly more efficiently and smoothly. Branded carriers offer more variety.
My decision was based on job security. Unrestrained outsourcing of flying to the non brand jet providers has allowed dog eat dog competition between union and non union, senior and non-senior carriers. Outfits like SkyWest can shift airplanes purposely to destroy longevity. Since all of our careers are dictated by our seniority numbers, I wanted to have a number on the brand that I’m flying. On a more personal level, I like to work for an employer where I can take pride in the product; an employer who shares a mutual interest in the success of the effort. This just does not exist as a pilot performing outsourced flying at a subsidiary of a contracted holding company.
Those who chose not to apply, interview, get hired and start from the bottom trying to figure out basic checkride manuevers from four separate volumes have also made a rational choice.