I may get some criticism for what I'm writing, but flying a 747 -or a widebody for that matter- in a long haul operation is quite different than flying domestically on short haul routes.
It is not the handling of the Aircraft itself, but rather the experience that counts. Handling a 747 is probably easier than say a Canadair regional jet (I've flown both). I'd bet, that a short haul guy will manually fly his jet smoother and more precise than a long haul guy.
However, when it comes to incorporating all factors of the flight operation (Weather, Route experience, alternates, etc.) flying on longhaul routes requires significantly more experience than shorthaul - simply because it is more of a strategic game.
There are also some operational issues of long haul (jetlag, nightflight, etc.) which are a factor in pay. (After all, industry pays nightshift workers in many cases more than dayshift)
Last not least, is is also a matter of responsibility. A 747-400 costs some 150 Million U$ and carries 500 pax, while a Canadair jet is some 15-20 Mio U$ (??) and carries 50 pax.
Compare that to - say a loan officer in a bank. Based on experience and seniority one loan officer is allowed to appove loans up to 500.000 U$, while the more experienced loan officer can sign up loans up to 5 Mio. U$ and obviously makes more than the less experienced guy, doing the same job. (by the way - I'm not far off that this banker probably makes more than 250.000 U$/Year.....is that overpaid ????...your call !!!!)
There are many more examples like that and there will always be somebody, wanting somebody else's perks. It's just human nature.
Pilots TODAY are certainly not overpaid.....probably significantly underpaid - that is for both - short haul and longhaul pilots.
One can not argue the laws of supply and demand, but if it was up to some airline executives, the safety standards would be dangerously compromised (as they in deed already are - in some companies). That's why it is important -more than ever- to have a powerful union representative.
FairPlayer......the integrity of an automated system still depends on what is entered into the system at the first place. Everybody, who ever worked at a IT help desk can probaly understand what I'm talking about......the phone calls of high ranking executives, who complain that their latest windows XP machine will simply not boot...... All Bill Gates's fault......Only after several minutes of verbal abuse you learn that the power cable is not plugged into the electrical outlet..........duuuuh. Ironically, it is likely to be the same guy who will say that pilots work is almost entirely automated, therefore they are overpaid......gimme a break !!!
Cheers