"But I wonder how much information about this career really is being filtered down to the starving CFIs or college students. Time will tell."
Well, Kit Darby will tell them of the impending massive pilot shortage so that they will pay him a few hundred to attend a job fair or two that should be provided entirely at employer expense.
That shiny jet syndrome will live on forever amongst kids with rich uncles willing to fork over whatever their kid wants to fly a shiny jet, as well as some older career changers (often in tech, ironically) who have and are willing to pay a fortune for a chance to take an 80% pay cut.
Personally, I think that the idea of having to eat dirt at the regionals to make it to the majors (Fedex, UPS, SWA, and even JB and AirTran, and to some extent CAL have replaced AA, UA, DL and NW as the pots at the end of the rainbow) is what has infected the industry at all levels, has encouraging whip-sawing and pilot groups putting up with crappy contracts in return for growth/promise of upgrades. Thus, the regionals will continue to degrade the majors payscales as we see more and more heavy iron (ERJ-170s and 190s, CRJ900s) flying at burger flipping wages under contract. The future is overseas, where the growth is. To some extent that will suck up some pilot jobs.
The only way this industry could raise wages would be to create much bigger barriers to entry, eg have associations limit entries into the profession the way that the legal and medical professions do to prop up wages. If there was a free market for entry in those professions the way ours is, lawyers and doctors would have much lower wages, too, though it would be more self-regulating because aviation does have that crazy romance whereby there are always enough people willing to work for anything.