Dizo.
Good question....If it is so bad, why do so many stay.
Been in Dubai over 6 years now and, in rare moments of lucidity, I consider it a better place for me and the family than most others.
I worked for EK for over 5 years but bailed out earlier in the year. EK is a strange place to work, the bureaucracy drives you crazy (was a manager with 50+ staff but my financial authority was less than 500 USD) . I was not Flight deck but was on the technical side, mainly in Ops. Never expect a straight answer or actual commitment if you join EK.
However, me, wife and 1 kid do like it here. The kid loves it and has a lifestyle that the UK could not provide, especially the safety aspect which is a big plus as far as I am concerned.
In terms of cost of living, compared to the UK, schooling is better (1 year for the same as 1 term in the UK), Housing was cheap and we took a 3 year fixed term deal with the option to buy (but costs have increased massivly plus the house will probably fall down in a year or 2). Cars and petrol a lot cheaper than the UK.
General living costs are on a par with the UK but utilities are expensive. Telecomms costs are very high and Internet is aout 5 times the cost in the UK. Standard of living, in my opinion is good but it don't suit everybody.
In summary, I stayed in Dubai after leaving EK cause I like it here and have made many great friends. The social life is good and it is an expanding place with lots of opportunities.
Hope this helps. Tried to give a balanced view.