Having been here for the Flying Colours/Caledonian merger, I think that in the long run everyones T & C's were were generally improved. The biggest issue was seniority (as I'm sure will be the case here). Hopefully the first summer season will not be as painful as JMC, where the only bit of my roster that I wrote in the diary was my DO's.
There are great things to be taken from both companies, and I hope there will be no forced redundancy in the flight crew department ( I believe they will not be necessary).
Spare a thought for everyone in the shops, crewing etc etc.... who are about to get the boot.