Hey GI
It really is your own decision and you have to weigh up what's most important to you. Yes I have read the post on Emirates, without getting into the right and wrong of it all, its a sad fact of life that the terms and conditions in our industry are slowly being eroded...
I have several friends at the airlines you mention, all of them from previously "advantaged" backgrounds, and they seem pretty happy with their lot.
Myself, I chased flying hours and jobs all over Africa for 4 years before getting my lucky break into a decent airline back home (UK). I was single and without commitments, which helped, that said it was hard work combining contract flying with studying for SA and JAA airline exams, as well as keeping informed about the job market.
"Who you know, not what you know" will always apply to aviation, even here in the UK, but you can work on the "who you know" bit, just make the effort to talk to people and try not to upset too many of them!
Was it worth it - for me yes.
Good luck to you whatever you decide.
cheers
JD