Its all very fluid, isn't it - and interesting to sit on the sideline and observe.
I have no idea whether more pilots are resigning from QF now than in the past, but I have observed the airline flying business across two countries (Oz and NZ) now for almost 40 years. I know of many pilots who have walked away from airline flying over that time, for a variety of reasons, and many more who were forced out of it by the unmentionable event.
The reality is that the world has changed in the last 40 years and the airline business has changed dramatically with it. It seems to me that starting out in aviation has always been difficult, except for a couple of very narrow windows of opportunity. I remember young pilots working for their keep only - back in the 70's.
Salaries in all professions are determined by supply and demand. To suggest that you deserve a high salary because you have a particular skill and are willing to risk your life flying the punters about (as suggested by one in here) is clearly silly.
Take flea training for example. A highly skilled profession if ever there was one. It requires 4 years of university learning flea behaviour, psychology, husbandry etc and then a further 4 to 5 years of post graduate training on the job under the supervision of a master flea trainer. It is also high risk because they bite and carry nasty diseases that can kill you.
Given the above, you would think that flea trainers would command very high levels of renumeration, wouldn't you?
There are a couple of senarios.
1) There is very little demand for flea trainers, therefore you will struggle to get paid a high salary, despite your high level of training, skill and risk.
2) There is great demand for flea trainers and flea training is well known to be a very well paid profession and many, many people have completed the uni courses and post grad programs, so most flea trainers can find well paid jobs.
3) Flea circuses find themselves in a rapidly changing, highly competitive, largely deregulated world market place and those in the business are looking at all sorts of business models. Low cost flea circuses are very much the current norm and those in the business are looking to obtain and retain flea trainers in the most cost effective manner possible, while retaining or growing their market share.
etc etc etc - you get my drift!
The reality is that those with a passion for flea training will try to find the best employment options for their particular circumstances.
One thing is for sure - the days of the God-like flea trainer being paid very well for a couple of performances a week to a well healed audience, are clearly part of a different era!
I have recently heard of some flea circuses that have had to cancel performances because they do not have sufficientl experienced flea trainers. Some have started their own training programs.
As for Gen Y - I have raised a couple myself. They are a product of the time in which they live and the environment in which they were raised. Mine had lived in 5 different countries and flown around the world once before they were 15. I on the other hand had my first airliner ride at 13 and my second at 15 - and left Oz for the first time at 31. I was the first in my family to be university educated and after leaving uni worked pretty much 7 days a week, 48/50 weeks a year for the next 10 years. I still work 70/80 hours a week.
Gen Y clearly have a different value set from Gen X or us Baby Boomers, but trust me, the world is in safe hands.
Dr 
Rant over!