Indeed there are many over the dacades who have had not just a satisfactory, but a wonderful life in a cockpit with the remuneration and lifestyle that went along with it. Unfortunately those days are past
While I agree with you that the golden decades of airline flying, with all its perceived glamour, are long gone I would argue it is still a viable career. What people are finding out is that if they expect to go to the RHS of a jet straight from training airlines such as EZY and FR will charge you for the priviledge. And once you are in the seat your low level of experience will not be rewarded with a permanent contract and the level of income you might have expected. But experience in this industry is still rewarded with better job prospects/better terms and conditions.
This thread deals mainly with the disaffection and dismay at the plight of cadets at UK low cost airlines but there are many other airlines out there and as Denti mentions the situation outside the UK is in many cases very different. You also have to place the hiring period of the last few years into context with the worst financial meltdown in airline history. Airlines like EZY have been able to get away with exploitation of mainly young people who have committed themselves financially to the point where they cannot refuse the paltry offer of employment on the table for fear of bankruptcy. Times are changing and EZY/FR and the like will not be able to get away with the current shambles forever.
Airline flying is not glamorous, nor will it make you rich, but I think it is most certainly still a viable career that can be rewarding in many ways.