This seems to be one of the most sensible threads I have read in a long while so I thought it may be worth contributing to.
I was in a similar position to the OP several years ago, having had my command in EZY for a year, although I was at a Northern base where I wanted to be. I went for the interview, got in the pool and eventually was offered the 747.
During the time between being placed in the pool and being offered a course, I sat down and produced a list of Pros and cons.
From a HR point of view, there are 4 reasons for changing jobs, known as the 4 "S"s, Sterling, Status, Social and Security. I will briefly summarise my conclusions on these items to show why I made my decision.
Sterling, more commonly known as pay - Command salary, Loyalty bonus, pension and the share options far outweighed the VAA F/O package. Also I had to factor in commuting costs of about £400 a month.
Status - Depends on you point of view, I am not precious about having 4 bars on my shoulder, however it does make your day to day operation easier as you set the tone of the day. I also like the decision making responsibility that comes with a command coupled with the fact it is then possible to get into training.
Social - In EZY, I get onto stand and an hour later I am at home, not having to worry about commuting, making standby flights etc. ergo my time off duty is my own to do with what I like.
Coupled with this, how secure is your relationship? It is a serious question when you look at how many people in long haul get divorced. You will be away when the gas boiler goes off, or little Johnny falls over and breaks his leg. All this will add to the tension at home, regardless of the temptations downroute.
Security - As mentioned by previous posters, VAA is not the best place to be in a downturn. As Customers trade down, the 2 week all inclusive Caribbean holiday becomes a 2 week break in the med. 2 weeks becomes 1 week and 1 week becomes a city break etc. easyJet are probably better placed to take advantage of the last 3 groups and therefore be more secure in the current economic climate.
For me it was a fairly simple decision to stay at easy and, in the end, I would have lost my position shortly after joining. I don't regret not joining Virgin although, when I see a Virgin 747, I sometimes think about what it may have been like, but don't dwell on it for very long.
That said, if I was living down south, operating out of LGW or LTN, the scales are a bit more finely balanced.
Good luck with your decision
. Only history will tell if you were right.
4 years later - I believe I was right.