I'm going to have to agree with both chileconcarne and ppl_student here. The simple fact of the matter is do not apply if you are not interested or see it as an unsatisfactory deal!
However, not being 'tagged' probably gives greater flexibility to the graduate who can and probably will be offered employment from many more airlines thus a non-tagged student has 'freedom' and choice.
My main concerns RE: CityFlyer are that (a) it's a BA reincarnation.....
(b) pay is not up to scratch (c) naff base (d) any route for progression with so 'few' mainstream RJ operators......the answers to those will need to come from the horses mouth, who will no doubt paint a better picture of CityFlyer than the forums on here.....