I have just resigned as FTRS. Some points that may help:
Advantages:
Get to do your job without the other 'career' hassles.
Get to stay in one place so wife can work
and kids can stay at the same school.
Still earn pension and gratuity but no payments until aged 60.
Dead easy to resign (max 6 months but you can go a lot quicker)
Still entitled to free medical/dental and a FMQ. (Full Commitment only for the house).
Disadvantages:
Still deployabe unless Home Commitment. In the FC Branch they will only take Full Commitment so all the normal rules apply; RAFT, CCS etc.
As Full Commitment, they are now only offering 1 year contracts so you lose the job security as you have to reapply every year.
Once there is slack in the system, you will be the first out. Supply and demand.
Pay:
I left for one month, got my gratuity and pension. Rejoined as a Flt Lt so got my abated pension on 24th of the month and Flt Lt Pay (minus commutation pay back) on last working day. When I went back to Sqn Ldr (for my last year) I got no Pension as I was back at my old wage.
As said, you cannot earn more than you did in the service.
I enjoyed it and everyone is a winner. You ditch most of the hassle and the RAF gets the benefit of much needed experience and continuity.