Nick,
Yep I'm back in the CF after spending five years instructing in Saudi. I like being back in the Air Force and it can be a great place to work.
I would apply and see what happens. I know that from what I hear we do not have enough applicants. Either that or we do not have enough qualified applicants.
As far as hours per year that would depend on what airframe you are on. Flying the T-6II I could fly over 400+ hrs a year if I wanted to. However, flying the CF-18 you might only get about 180-220 a year, but think about it... 180 hrs in a CF-18 is better than no hours in a CF-18!!!!
Pay wise we are doing quite well too. I'm making over $90'000 now ( I have been in a while however) Starting you might make something in the order of $40-50,000, but you don't have to pay for your training!
There are a number of new airframes and upgrades coming our way too. True, not along the lines of the USAF, but we will never have a capability like that or the same financial support. Once again better than nothing.
As far as the waiting list is concerned, I would be calling the recruiting center every week to see what is going on! That way they will spend extra effort to get you a slot so you will stop bothering them
Anyway PM me if you want some other info or make another post to share the gouge with everyone who might want to join.
Cheers
SPC9