in my opinions, the MAM contracts are a lot better than jetstar - you get paid for training (whereas Jetstar you only get 1000 at the end) the pay rate is a lot higher, you get to do overnights (and get paid an allowance while you're there, i think 5 or 6 an hour?) you get to travel to many more destinations and sometimes internationals.. etc
ive been told that you also get a lot of home reserve (maybe in the slower periods) if you don't get called out to fly then you will get paid for the first 4 hours ($140) so basically getting paid to sit at home and do whatever!
as with leave... you will not get paid for leave or sick days. but the agreement that was posted on here earlier states that in a month, you will be allocated 20 days of duty.. so that equals 11 days free a month! 3 of those which you can apply and take as consecutive. im not sure if its the same case when its peak season though. will find out at training next week!