Take it from soemone who knows...
It is a fun job for a while, as you spend a good length of time sitting over the top of London at 1500 ft in VMC, and some people would (and do) pay lots for that. It is a good introduction to single pilot public transport operations, and it certainly sharpens up your hand flying (no autopilot and operating in a 200ft band) and your communication with ATC.
Historically, they have 'insisted' that the pilots who do it have some other form of income (£20 a flying hour is correct, nothing if you don't fly, and you must be there even if it's foggy) and do this as a sideline. The practice of using instructors was stopped some time ago as it all got too complex in balancing the demands and in keeping several instructors up to date in OPC checks etc.
One or two of the presenters do have a bit of a 'character', but that is just part of the job. You don't have to talk to them in the air because they are on their radio and you are on yours (no intercom). Some of them are really nice.
The operation is right on the performance limits of the Cougar, and the decision to go is entirely yours. Bear in mind that there are no approach aids at Elstree (remember Graham Hill...) and that a diversion to Luton is very much a last resort. Balance that against the wish of the presenter to get airborne and that you earn nothing until you do, and the decision can sometimes be a tough one.
You do indeed have to pay for all of your training / initial tests with the exception of line training during broadcast flights. Total cost usually in the region of £1200-1500 and that is deducted from all earnings before you get anything (can take a month or two).
Overall a fun job for a while with quite a lot of responsibility and a relatively high media profile (the job, not the pilot), but it's 95% VFR so you need to keep your instrument skills up to date.
Somewhat intrigued about the sudden departure of two of three. I know one was always looking for a bigger job, but I will have to make a few calls.
