For Tyrolean terms and conditions look at their union homepage at http://www.tyrolean-brb.org.
You can also get an English-language summary of the contract there. (If you have troubles reading the documents try downloading them to disk first and then open them with Acrobat Reader.)
Tyrolean is hiring F/Os right now and will probably be continuing to do so over the next 12 months. Hiring of Direct Entry Captains is highly unlikely as the number of experienced F/Os should be sufficient to fill all captain slots. (Time to command is about 3-4 years now, depending on experience. No forecasts are given about the sustained viability of this prospect :-)
Tyrolean pay is based on 75 flight hours or 166:40 duty hours per month. Flight time overtime is payed linearly, duty time overtime with a 1.5 factor. What you get depends on base and fleet. Don't count on too much overtime as an F/O. Per diems are rather low (7-20 EUR per typical day depending on trip length, 29-45 for overnight stops).
Be aware that "inexperienced F/O" pay comes together with lower working hours and a yearly instead of monthly overtime model. That means if you work/fly more than 80% of the "normal" working/flight time over a year you get paid overtime.
Days off increase to 120 per year in 2003.
Expect to be based in Vienna. Other bases are usually full. Duty rosters don't lend themselves to commuting as longer trips are rather rare. You usually return to homebase on the same or next day, so you'll need a place to sleep in VIE.
There is no career path to Austrian Airlines yet, and it is doubtful whether there will be one in the future. Even if there were one, it would be slow as Tyrolean is about 2/3 the size of Austrian where the time to command is now about 13-15 years and lengthening.
Tyrolean will soon merge with Rheintalflug, adding an ERJ145 fleet. (I suspect that type rated pilots on any fleet could get a little advantage in hiring, if the basic selection data are fine.)