Hello northern monkey
A lot has changed at BA within the last year, however many still regard it as a benchmark. A large portion of BA pilots refer to 'lifestyle' as being important and regard their employer as being the best seat in the house to have within the UK aviation sector. Those same pilots also suggest 'seniority is everything,' so the higher the seniority, the better the lifestyle so to speak. Seniority seems to dictate everything in BA, it may effectively mould the path of your career within the airline. However it is not to say that if you sit down at the bottom of the MSL then you are, as you put it, cannon fodder.' I know plenty of guys who have joined as DEPs within the last year or more. They all argue against such a suggestion.
In order to maintain a balance, I am more than certain that being a pilot within BA isn't without it's challenges. Sceptics will often make a point that potential new joiners often come to the airline with rose tinted glasses; however I see this type of behaviour across most organisations. The important thing is that you are aware of the pros and cons before you commit to joining. For one, you mention a two to three hour commute. That's completely impractical in any airline if you plan to do it on daily basis. The other is keeping your life balanced; many would argue that this is a prime reason to be in BA.
From my own personal experience, if the FPP scheme were to reopen this year, there would have to be some pretty strong assurances given to the recruitment department. Recruitment is currently suspended for the foreseeable and is rumoured to unlikely recommence until March 2013 at the earliest. There is still a lot of uncertainty about future requirements (just ask anyone within the present DEP holdpool!

) and with all the challenges facing the aviation industry at the present time, I expect BA management to take a prudent approach on the future. As I say, much has changed in the last year.
One things for certain, when things get going again, I would expect the process to be oversubscribed. In that time it would probably be wise to think clearly about why you wish to join. BA's selectors will need convincing that you want to come for the right reasons.