QAR and Narrow runway
Fundamentally I broadly agree with your sentiments. Like most long haul carriers it can be a miserable place to be until you have seniority behind you. Then once you have that seniority and the job protection that it provides, you find the actual job rather boring.
At the risk of being controversial, VAA is a Captains airline. I don't mean this in the old fashioned way ie God complex's with poor CRM but that the job is well paid and you run things the way you like things to be run. Given routine heavy crew operations it is common for one F/O to not get a sector with all the frustrations that can bring. For a lot of our Captains, VAA is their first and only airline, and quite frankly their preciousness and naievity about what life is like at other airlines is embaressing. You wouldn't believe the lengths some went to in order to avoid their 330 course (free rating on a popular type in a fragile airline--no bond) because they might have to pay 200 quid at the Premier inn Crawley during the course because they live in France or wherever and there are no bunks to use on an 8 hour sector to Orlando ! Rant over.
QAR is right to point out that there are issues over BALPA and it's continuing representation but there are 2 sides to this. Our CC are a victim of their own success over the years which has led to unrealistic expectations from some. When I joined we were by far the lowest paid big jet pilots in Europe and sod all pension to speak of. Thanks to Balpa the company pays 15% to the pot each month with me pitching in 7%. Thanks to Balpa we have private health cover for my family as well. 200k if I lose my medical. PHI paying full salary for 2 years becoming 75% for a while then 37.5% (index linked) until i am 65 if I lose my medical, but with full pension contributions based on full salary, and 4 times annual salary life insurance and full pension for my wife in the event. On top of that in Jan next year we get a 3% payrise as the last installment from the last pay deal. With my glass full I struggle to complain but instead I would refer anyone looking to join to my earlier comments. To get the full benefit and satisfaction from VAA you have to look at things from a long term career perspective and not short term gain.
VAA is a good job if you want the following....
1. You can live anywhere you want.
2. You will fly reasonably new and well maintained aircraft.
3. 750 hours
4. Good benefits. (probably not as good as BA but better than most)
5. You get to see parts of the world that most of the population will never see
6. You will fly with friendly and professional crews.
It is bad option if you seek the following...
1. You want rock solid job security
2. To be in your own bed each night.
3. You want a quick command (currently stable at about 12 years)
4. You want to get a lot of hands on flying.
5. No jet lag.
All the best