Speaking from the left hand seat: The pay IS poor, the lifestyle was good but now is not AND if the company get their way it will get very much worse.
As for the right hand seat, this company does not deserve the quality of folk it has in this seat and will have to dramatically improve its pay offer if it wants to hold onto some of these.
Do not come to Virgin for the quality of life, you will likely be dissapointed. Pay is well below the industry norm for long haul. Time to command for new joiners is probably in excess of 10 years now. Only come if you are desperate to fly a big plane on long haul routes.
Best advice: Before applying have a good talk with someone already doing the job.