Good questions, but my personal opinion is that the European situation isn't going to get any better in the next 5 years. If it does, the beneficiaries will be the P2F brigade, which you admirably insist you won't be a part of.
The SO position is unexciting, and isn't about flying. Most miss the flying, but love the time off. You'll be off about 18-20 days a month, and SOs typically get their fill of travelling, etc.
Most enjoy it, and see it as a means to an end. Upgrade time is about to drop (short term, at least) by 2 years.
It isn't for everyone, but my belief is that industry-wide, conditions are getting worse. The Cadet SO package is grossly inferior to the DESO package, but that's no longer relevant. One must compare to what is about now, not what was available before. I'd say that coming from most parts of the world, the cadet package knocks the bells off most options available.