In Sept 99 I posted the same question right here, and got similar replies. I was 33 and very well paid. I seem to remember Raw Data saying "go for it".
I did the integrated course at Oxford and worked hard (thinking this may make a difference). All GS passed first time with a 93% average, IR full pass first attempt and good reports. Only proper slip was the 170A, but I guess we're all allowed one really bad day. I know it's a cliche, but I really should have stayed in bed.
Finished 8 April 01. Recommended to BA, final board on 7 Sept - all looked pretty promising until the following week. Every other airline in the world said sorry mate. I had to categorise each letter into either "they are fools" or "they haven't asked enough about me". Sickening that I'd done well and got some storming reports, but the only information I ever gave was "170 hours piston". Even CTC said no thanks because I was one month too old!
Then blagged my way into the Ryanair and Easyjet offices - FR gave me a sim check and Joyce gave me a smile and "1500 hours minimum, good luck with your career". Got a call from DD saying I'd passed the sim and was in a holding pool. I called regularly after that, but I was always in the pool. Come to think of it, I'm probably still there.
All year I was using my "plan B", doing IT stuff for various companies. At Christmas I did a small IT job for a small airline. In Feb I did a larger job (8 weeks or so) for them. On 8 April 02 I started my type rating, and on Tuesday I'll have completed my line training.
Apart from the fact that I have become a victim of Aviation Induced Divorce Syndrome, I am happier than ever. I am earning a third of what I did in 99, but am three times happier.
What did I learn?
1. Doing well does not increase your chances of getting a job.
2. Everyone will say "no". Prepare for that.
3. Getting a job is about meeting the right people, letting them discover you're an OK sort of bloke, and then being as flexible as they require.
4. Sustaining a relationship will be tricky.
5. Turboprops are actually really good fun.
6. Your plan B had better be good, because you're going to use it.
7. Be keen, but not over keen.
8. An Oxford FATPL is not cheap.
9. At Oxford, you can either moan, or get on with it and have a good time. I elected to do the latter and got out quickly, with good training under my belt.
10. There's a lot BS floating around. Think carefully and make your own mind up.
Good luck!