I left a command in Europe and now in EK for about 2 years (oops, now EK security will probably find out what my real name is
).
With 2 kids I manage to save about 10.000 dirhams (2700 US = 1818 STG) per month. I think the job is good, I enjoy my lifestyle in Dubai (spent a lot of my time on the beach) and my wife and kids love it.
It was a bit difficult giving up my jet command in Europe, but I should get my command back next year already, after 3 years with Emirates.
The new housing allowance is too low, but at least it gives you some choice between company housing and the free market. There are some commuters who are going to rent a 50.000 dirham appartment and cash the other 45.000 dirhams. That giving them an extra 12.000 US dollars per year. That another way to look at it, although not an option for most of us.
I don't think the direct entry thing is going to happen soon. What may happen is that the F/O requirements are going to go up, or that they try to hire more guys that can do the accelerated command (=6000 TT, 1000 command jet).
Stick to the (sometimes silly) rules and it is a good company to work for in my opinion.