I will also throw my hat in as a former regional dog, that quality of life (along with some other soft money bennies like medical and 401k etc) is much better- certainly at NetJets. As was stated, 7-day tours "feel" more like an airline 5-day. The only major caveat I'd make of QOL at airlines vs fracs is if one lives in an airline base and has a family (or is in a great relationship) and is senior enough to consistently hold (or build) a line with day trips, some weekends off etc. But in today's airline world that tends to be either rare or very temporary.
The lists of pros/cons is rather different from those at an airline. A few frac cons in my experience, since I am not a morning person, is a disproportionate number of early morning shows. Had my share at the airlines but at least you could try and bid around them. Overnights tend to be much shorter for me now on average, but at least there is no such thing as reduced rest, and there is a solid fatigue policy that is never questioned. Besides, at regionals my memory of long overnights were that they were inevitably in some suburban Holiday Inn stuck in podunk anyhow. With 10-12 hour overnights now common, I do find it much harder (though not impossible) to workout and stay fit on frac overnights than I did on airline ones, though the hotels (and hence the gyms) tend to be much better quality. Crew food, while the menu is a bit limited, is far superior to the food court crxp of airline life and I rarely spend a dime of my own on per diem.
Re. doing "dirty work" (bags, cleaning, stocking), before I came over I feared it out of ignorance a bit, but even in the APUless (hot in summer, cold in winter) Ultra I find it is no big deal. There is no pressure to rush here, you do what you have to do and are ready when you are ready. The customer service/human contact element adds variety, and the flying is far less humdrum than going in and out of airline hubs.
I never came here expecting a quick upgrade- I think NJA is more of a tortoise than a hare in the growth race- consistency rather than lightning spurts- so the pay hike delay can be a bit painful, but the clientelle is certainly more stable and less fickle to economic cycles. The current airline growth cycle is fairly strong, but you are right that there will be some big winners but also big losers, even with the global (mostly overseas) pilot shortage.
As was also stated, things are far from perfect, so we need to aggressively keep working on better and better QOL improvements- eg more incentives for less FBO rot- and the current airline growth cycle will provide some ammunition for that struggle.
Finally, if you have your heart set on fracs as opposed to the airlines, I wouldn't delay it to get PIC time, unless you can be sure of a quick upgrade. Of course, at NJA right now there may be important QOL reasons to wait for a domicile of your choice, and that's a different story. Hopefully the silly domicile system will get ditched in due course, but for now its there.
Best of luck