I look at it this way. EVERY major US pax airline has furloughed at one time or another except maybe SWA and I am not sure about that. It really depends, if you got on with CAL within the last two years or maybe within the next year you might be safe when the next wave comes by. During a big hiring push like this, if you get on at the end of it, say hello to being junior for a long long time. When the inevitable furlough happens again ( about ten years from the last one) you might be safe if you got on at the right time.
The only safe havens in the USA right now seem to be UPS, FedEx, and SWA. If they haven't called then the choice is pretty clear. For me, it was about flexibility with where we wanted to live. I like variety and CX has it. I want to fly international trips and CX has it. I did not want to cross my fingers and hope no one gets sick in the six months I did not have insurance or go broke paying COBRA on my first year pay.
FedEx, no argument, great career choice. Same with UPS. SWA is great but it is all domestic which fits some but not others. The grass is always greener on the other side of the fence no matter what you do.
We all long for the good old days in the US airline world. Unfortunately, those days have been gone since the late seventies from what I understand yet we continue to hold out hope. In the US, it is all about who can do it cheaper so there will continue to be the JB's of the world. Of course now Virgin America has labelled themselves an ULCC, ULTRA low cost carrier!!! It's only going to get worse until the industry forces itself into ruin and re-regulation.