Nick,
I don't think that the contract is an issue per se if you are no longer employed in aviation - I think the question is rather- would you give up a fulltime position with another carrier, or a QF subsidiary, for the dubious possibility of full time employment at the end of your contract (something which has no guarantees)?
Perhaps better to wait for career progression and retain your years of service for LSL purposes (assuming that is an option).
Certainly if you are in it for a few years of excitement & then on to greener pastures, a contract is the way to go. But, if you want a career, or a mortgage, or security of sorts, then probably it would not suit.