You will see some negative posts follow on, but you are comparing it to Dragonair, not a major from the US, Europe, or Australia.
Dragonair is now effectively Cathay's China wing. It serves the worlds biggest expanding market which is to a degree the economic engine that is driving Emirates' expansion plan. Dragonair's T&Cs outstrip EK's and if you were looking from a purely fiancial point of view a guy that joined Dragon in, say, 1999 would beat a guy joining EK hands down.
So I think stability and employment security at either shouldn't be a problem. T&Cs probably favour Dragon but they have only 36 aircarft and China as their main market so I would have thought career progression chances have to be better.
That said, the traffic in Dubai does my head in but less though than the overwhelming lack of space in Hong Kong.
Your call!