Well, I may have overestimated the tax take! As I say, it depends on your tax situation. A starting pay of £50k (pensionable) plus allowances seems better than most UK airlines - and it will go up significantly in July as the final year of the last pay deal kicks in. I'm aware that Ryan and EZ pilots can take home more - but,
AFAIK, they're not on incremented pay. At year 10 as an FO (which you may or may not reach - command comes at about 7 years at the moment) your pay would be approximately £64k including hourly and profit related pay (Jan 05 rates - will rise from July).
I doubt anyone here has claimed Virgin is the best-paid airline around, but it's a hell of a lot better than it was! Whether it's enough for you, only you can say. But you can make your own calculations based on £50k starting pay and your own tax rate, and whatever pension contribution you think you are likely to want to make (up to 15% of basic).