I'm not going to get in to a debate about how good or bad the contract is - all I've said is, on balance, in my very personal situation, I've decided it doesn't stack up for me. If I was jobless or had a different employer or had different personal circumstances maybe I'd have come to the exact opposite conclusion. Simple as that!
I started this thread to learn more about the operation and package - obviously there hasn't been much public outpouring of gen but I did get a few v. helpful PMs (thanks again) which helped with my decision making. Some basics (taking no responsibility for their accuracy!) in the interests of making this thread a bit more useful (all in GBP and based on current exchange rates):-
Monthy fixed salary - £3.5k ish;
Housing allowance (use or lose) - £1.2k ish;
Up to about £1k if a certain number of hours are flown (but hitting the hours requirement to make the full amount sounds like it is rare).
Hope that helps.