With regards to the pros and cons of regional TP compared to LCC`s it does depend a lot on the operator, base & type. (Of course we are talking about the comparison of heavy glass cockpit TP operators).
Some of the issues with LCC`s:
It`s necessary to look at the rate of pay which can be about the same or even less than regional or long haul pay, you just have to work harder to earn that higher pay check.
The days can be extremely long resulting in the need for slightly more days off however you`ve still spent more hours at work. After a week of earlies, you really do need 3-4 days off to recover.
The issue of job security can be argued. LCC`s tend to have a huge fleet of either Boeing or Airbus aircraft. The issue is when the LCC suffers from an external shock (recession, fuel price,volcanic ash, accident etc) resulting in large cutbacks or even terminate completely. This obviously results in huge numbers of pilots fighting for a job on the same type. There`s a higher chance of getting a job if the type is in demand AND there are more "operators per type". Regional operators tend to operate smaller fleets however there are considerably more operators per type, especially for something like the ATR which is high in demand. Regional operators also tend to have more stability than other sectors throughout the ups and downs of economic fluctuations.
Benefits such as staff travel, pension etc depends heavily on the operator, e.g some regional operators have much better staff travel agreements e.g Aer Lingus Regional. Again, it really does depend which operators one compares.
There are many variables and everybody has a preference however it`s just something to think about.