Excel Monkey,
Given your situation I would take the RN option.
I was short service in the RAF many moons ago. I didn't quite make it to a squadron (truckie) and left after five years. I completed my CPL on a mix of civil and mil hours. I have had a varied time in the airlines and been on the wrong side of the line during two recessions. I have flown with some brilliant guys (and girls) and have had some amazing experiences as an airline pilot.
However . . .
I am now 40 and trying to figure out a decent future for my family in a very turbulent market. The prospects for stabilty in terms of location and salary are not good and I am beginning to question the whole thing.
If I could roll my own dice I would choose a 12 year commission and then and airline career. I fly with ex RN helo pilots and they are a great bunch. The service has shaped them well as characters and individuals. If you take the Queens Shilling then you must be prepared to go anywhere, anytime in Her service without question.
In todays market the airline sponsorship might dissapear overnight and leave you with nothing. Even if the RN didn't work out you will, at the very least, find out lots about yourself as a character and that can only bring you good.
My final advice is to always be brave when you encounter adverse circumstances. Its the only option and it always works!
