Great - Politics. Let me play devils advocate.
"without a contract, the company is free to do whatever it wants.."
Thats what it's all about - this is America - all about freedom.
Capitalism is all about supply and demand - which means that if there's lots of unemployed pilots, wages go down and vice-versa.
There was a fire-fighters strike in the UK a few years back: firefighters went on strike for more money. They were already very well paid - and there was a huge waiting list for the job - so my attitude at the time was F*** 'em: if they dont want to work, find somebody who will.
As a helicopter pilot, i'm all for anything that will get me better wages and benefits so i'll do what I have to do; but workers banding together to influence their employers is a little more like socialism and a little less American.