Hold Pools
My experience of a 'Hold Pool' was nothing more than something that could be easily drained at short notice. Hold Pools are increasingly evident at times when airlines are going through spells of growth, when the industry as a whole is growing and therefore crew movement is common. I'm not so sure of their purpose now, especially as we are starting to see a mass of very experienced guys from unfortunate carriers such as Silverjet, Zoom, Futura and XL enter the market.
When I found my self in a hold pool I still actively looked for other jobs and had 2 interviews in that time with smaller operators. I kept up the flying by doing an FIC part time and gained a temporary contract with the BAA. Just like Mike, I turned down one job because the terms and conditions were beyond a joke. As much as I love flying I had a family to support and unfortunately you can't support a family and pay mortgages etc on just passion for a new found career.
The whole thing is a bit of a tight rope. However when it comes down to be able to support yourself and the other people who depend upon you then its a no brainer. As for hold pools, remember they are just what they are. A means of having someone on the side who can be called 'if' and 'when.' I 'swam' in one for 8 months and got told in a matter of 10 minutes that I was no longer required. Airlines can and will do this. It costs them very little or indeed nothing to put you there in the first place.