With only a handful of WAFUs selected for FTC last time I wouldnt really say that the floodgates have opened. Where did you hear this rumour, I'd be interested to find out (for purely personal reasons)? I'm sure Si Clik can off some sage advice on this matter.
If, however, you do get selected you then become eligible for FRI 2, payable at your IPP (16/38 point) which coincides with effectively the end of your CC and the start of the rest of your time ie the time served under FTC. So therefore yes you will get FRI 2 at the moment, which is currently 50K (30K after tax). Whether this will continue has not been finally decided I think, however Si Clik did allude to the shortages in the FAA, especially Observers, saying it is still in at the moment. For how long who knows?
The RAF appear not to have such a shortage, hence they are discontinuing the FRI, which for some of them just about to hit the relevent dates is a kick in the pants. As the airlines are starting to expand and recruit a bit more post the 9/11 slump, I forsee a lot of RAF aircrew leaving now their FRI is going, which may mean the RAF reintroduce it at some point down the line.
Oggin