I can relate to the above posts. I had a great situation for almost 18 years, dispatching at a small regional, wholly-owned by a major, where I had a super boss, unlimited travel benefits, an adequate salary for the area, and my wife was happy being close to her family, especially after the kids came along. I had complaints, but overall it was a good deal. I passed up a few opportunities along the way, because it didn't seem worth screwing up all of the quality of life issues.
Then came Ch. 11, the merger with the forced move and pay cut, and the bleak future despite my seniority; I decided to take another job that looked like the ideal "out", and we wouldn't have to move. Long story short, I didn't like that job, or the one (non-aviation) that followed....I soon found what I was good at, and what I wasn't, what I liked and what I hated, and ended up coming back to my former (now merged) carrier in a lower-paying position (without my previous seniority) just to get back to the world that I loved and could function in. Even then, I assumed it was temporary until I found something better, even told the wife we may have to bite the bullet and move. Then the bottom dropped out of the economy, and since 2007 I've been turned down for jobs I KNOW I was well qualified for, or offered jobs that didn't pay enough to justify the cost/life disruption of moving and/or were located in very expensive areas that chewed up the extra pay (and then some).
So, for now it's hold the cards I've got until things improve, hopefully before I'm too old for anyone to look at me. To all you young guys, believe me, the issues get more complex as you get further into your career and life; the "entry-level" jobs that you can afford to take in your 20s just don't cut when you're trying to raise a family. Starting your career over every few years in a seniority-based industry is a bitch; and when the "place to be" now becomes the "place to flee" in five years when the industry does another reversal, you can suddenly find yourself without a chair when the music stops.
For now, I'm just looking at alternatives I never thought I'd consider, and developing some side business projects until the right deal comes along.