250kts - really good and level headed post - I agree - kneejerk reaction will be "no" (It certainly is my kneejerk reaction), but then we're faced with the "what is the alternative?" question.
The questions you raise are really fundamental to whether the offer really is acceptable or not.
I'm genuinely surprised that there is no big "carrot" to encourage acceptance - I would really like to see the pay proposals along side the pension debate and to try and ensure that whatever the pay deal is for 09 that it is delivered prior to the changes to the pension coming into force.