Tough Question
Sig,
Given the times (read post 9/11, bankrupt companies, downsizing), the competitive minimums are going up about the same velocity as the space shuttle's ascent. It's truly an employer's market right now with very qualified pilots applying for positions of interest.
I believe over the short term (1-2 years), both quality and quantity will rule who gets the interviews. I would estimate competitive minimum times for the majors will be 5000-6000 hours total, and a good quantity of jet PIC time. There are (and probably soon to be more) furloughed pilots competing for any slots that open at the majors. The big question would be if they'll hold out for their company to call them back or take a new position elsewhere.
Obviously, Part 121 time is definitely quality time when looking to move up the food chain. It is my humble opinion that regional operations will do very well if they can survive their code-share partners financial woes. As I'm sure you've been reading, more and more RJ's are joining regional fleets. I know this is very concerning to main-line pilots, but it is a reality. Current scope clauses are limiting the number of RJ's code-partners can operate, but more and more are operating under their own name as well as a code partner (ie. ACA).
I won't pretend to have intimate knowlege of the "airline" environment. Most of what I've learned is through trade magazines, friends and relatives that fly for the majors.
Again, in my humble opinion, a 4000 hour regional pilot would have an edge over a 4000 hour corporate pilot when trying to get an interview, especially with so few airlines hiring right now. However, once in the interview when the entire picture of you and your qualifications are put together, both stand as good a chance as the other in getting hired.
With regard to lifestyle and pay, it all depends on what you want. Corporate pilots may or may not have a schedule, many carry pagers or cellphones. You may fly 28 days a month or 5, depending on the corporation. Pay varies with equipment, though it's my experience that you'll start off at a higher wage at a corporate job over a regional. Upgrades at corporate jobs can be within months to many years depending on their needs. I know of one corporation where you'll be a turbo-prop FO for 4-5 years before upgrading to captian. 7-10 years before moving into their jets. Obviously they are very stable and retain pilots easily.
I hope my input has helped. Best of luck with your career.
Regards,
2000Flyer