Good questions all Ernest, but I wonder if this will be like anything done before. Take a look at similar operators like bRyan Air and at best you can only hope for a fair wage and/or contract. Have a look at some of the stuff they have come out with in their latest contract since 09/11 (if what has been posted is fairdinkum!!).
Low fares = low costs = lowest possible wages people will sell their soul to work for. Hopefully it won't be that harsh, particularly if they are drawing experienced crew from Qantas mainline, s'pose it depends on how much those guys want to jump the command queue. The only problem is if you do take the money/conditions just for the command, and it turns out to be not so good, where in Aus can you go to make it better after you are tired of being flogged? Money isn't everything, I know, but it sure helps ease the pain. Or is this just another reality check and this is all the job is worth!