TAP eloquently puts what I think every time I read one of these threads: I'm in the ratrace, and wishing I'd not given up on the idea of flying as a career in my youth. 'Errosion of T&C' is not just part of your industry, it's symptomatic of the modern world - it sucks pretty much across the board.
Plenty of friends with airline jobs, and I'm still thinking about jumping. It's not all roses I know, but it does have it's good sides too.