I really think it depends how old you are and what you are wanting from the job. I have been working for Virgin for the last 2 years, and I am still really enjoying it. There are aspects of the company which frustrate the hell out of me, and the money is definitely one of them. But since you said that taking a pay drop isn't a problem...
I have friends that work for BA too, and 2 of them love it and 2 of them think it's ok. They love the money that they get, but the sometimes get a bit lonely as they are often working with a lot older people who don't always have the same interests.
I am not saying that Virgin is the best by a long shot, but I have had a lot of fun, and met some great people. I think it also depends if you want to fly long haul straight away! Hope this has helped! X