Lots of blackness here. I'm not sure what career you want to scare the wannabes into, but from where I sit most jobs are tough these days. It comes down to what makes you happy. If you have to make 300k to be happy, odds are you won't see it (in todays dollars) for a lot of years. However, if you enjoy the travel, enjoy not having to report daily to a boss, enjoy the challenge of the flying itself..well...maybe there is still enough in this profession to make you happy.
I think anyone who expects a company to care for them cradle to grave is going to have a miserable career. However, if you love to fly, the airlines can offer some chances to see the country/world and still have enough time off to enjoy the other passions in your life. I think Delta/UAL 2011 may not look like Delta/UAL 1999/2000, but compared to other jobs available out there they still look solid in their own right.
The perfect combo is either a military ANG/Reserve job or a solid second career in your own speciality that allows you to ride the down cycles in the industry while still enjoying what you do and reaping the potential rewards of the up cycles.
And in 2020....somebody is going to see somebody somewhere. Somebody is going to be shipping some goods overseas. That means someone is going to have to do the flying. If you know this is what you want to do, then you can ride out the storms and be the guy that does it. I got hired in 2002...right after the horrible events of 9/11. It was exactly the wrong time to get out of the active duty. And yet...10 years later I look back and I"m glad I went for it. My buddies at DAL who were furloughed are all back, with decent seniority, and although its not 2000 anymore their prospects look good. The AA guys are about to finally start moving up. Its been a tough decade for some, but things are moving again in the right direction. Giving up now doesn't make sense, because it seems to me we are on the crest of a lot of growth, contract improvements, and good things across the industry. It won't be perfect, and progress won't be linear, but I like the trend...