I think that this is an important topic because there is no question that the quality of the profession has degraded over time. That said, it is really unfair to comment on the question unless you have flown at the operations you are comparing. Many of the stereotypes about both are untrue, or dependent upon the airline or the corporate operator. Further, people OFTEN mis-characterize any operator that flies a business jet as "corporate" when in fact they may be charter (135) or fractional (91k). There's a big difference.
Over the course of my career I have had the privilege of flying for a variety of operators, from Part 135 night freight, to Part 135 scheduled passenger turboprop, to a variety of part 121 commuters, nationals, and majors. For the last almost 8 years I have been flying Part 91 for a Fortune 500 company. Based on that experience, when asked the question regarding whether or not airline flying is still appealing I can honestly say - It depends on the day.
That's probably not what you wanted to hear. When I was a kid I was born and bred airline. It's all I ever wanted to be and all I wanted to do. When I finally made it to the big leagues flying the very same DC9s and 737s that I used to cut school and ride my bike to the end of the runway to watch... it pretty much defined me. I loved every minute of it. I left the airlines out of desperation. Furlough, after furlough, after furlough was resulting in chronic juniority. I was frustrated by the lack of career progression and I blamed both the airlines and ALPA for the loss of what should have been an epic career. When the opportunity arose to fly corporate for a very large and perennially profitably company, I jumped at the chance and, to be completely honest, there were some really amazing benefits to doing so. There are benefits in corporate that airline negotiators couldn't even imagine. From the moment I interviewed the organization sold itself to me by treating me the way we all believe pilots should be treated. They provided space positive airfare, hotel accommodations, and all meals during the interview and then even gave us spending cash so that nothing was out of pocket during the 3 day interview process. When I was hired they provided relocation along with cash for expenses. Really. They flew my wife to the new home and gave her an all expenses paid week long trip during which they hooked her up with a real estate agent and introduced her to company recruiters in case she needed a job too. They sold themselves and did it in world class style.
When it is good, it's fantastic... amazing.. astonishing! I once called it the best kept secret in aviation. When I started the job was essentially 6am to 6pm, Monday through Friday. I was here six months before I flew my first overnight. Today I do 2 or 3 overnights per week, 3 weeks a month (4th week is typically off). The pay is on par with most major airlines (as long as we remove the very senior Captains and the FedEx, UPS type of payscales from the metric). There is plenty of time off, although you really don't get to pick when it happens. There are opportunities to learn new skills and try your hand at a variety of jobs or, when you don't want to do those things, just to fly. You will see amazing parts of the country and the world that you typically wouldn't see as an airline pilot. And yet you'll still have your fill of places like LAX, SFO, ORD. Working on the big holidays is extremely rare because the people you are carrying want to be home too. You don't fly so much that you get sick of it (only around 300 hours per year) and every day is a new challenge. The equipment is generally second to none and is lovingly cared for. I don't remember the last time I flew an airplane that had a single item deferred. All of that makes up the Golden Handcuffs which would make leaving difficult even for the best of airline jobs.
When it's bad... it is heart wrenchingly bad. There are times when you spend a week in a hotel in an industrial park in Mexico ... staring at the walls, or watching TV in Spanish. I've said that flying for a living is a career for people who don't value their time. But what really gets to me from time to time is that corporate is personal. You have a personal relationship with your management, with your colleagues, and sometimes even with your passengers. That can be good and bad. Nobody gets along with everybody all of the time. Sometimes you fly with someone who doesn't operate the way you would like them to, and there's really no mechanism to remove them from the trip. There is no professional standards to go to. Sometimes "standardization" is viewed as a four letter word and people follow the rules to varying degrees. But the day that when you really have to question why you chose this path is when layoffs occur. They don't go in reverse seniority order as at the airlines, and there is no recall. People are plucked seemingly at random from the group, given a severance package, and sent on their way. It's personal. You knew these people, their families, their children. They aren't just a number. Now, this doesn't sound bad when you're young and able to recover, but the older you get the prospect of competing for another job with guys half your age seems daunting. And without the ability to jumpseat or nonrev ... job hunting itself can be an expensive challenge. The shadow of another layoff always seems just over the horizon and there is no way to know who would be chosen next. You do the best job that you can. You hope that you don't rub someone the wrong way. And you pray that you can make it another 20... 25 years without falling victim. And then some auto executives go in front of congress to ask for money and, when confronted about the use of their corporate aircraft, fail to defend and justify the use of the aircraft as a tool ro capture the efficiency of traveling employees. Suddenly everyone is worried... If there is one thing that has caused me (on and off over the last few years) to reconsider the airlines -- it's that. It is wishing that I had the security of a seniority number so that I knew exactly and without question where I stood.
Yes, when I see a 737 fly overhead, I recall how much I enjoyed flying that airplane and wearing that uniform. And it breaks my heart a little bit when I see people on this very message board competing to interview and get hired by the very same airline that I essentially "quit" (by not accepting recall). I can't help but succumb to jealousy when I hear my former friends and colleagues talk about the number of retirements and upgrades that will occur over the next few years. Or when I see my former classmates suddenly able to hold widebody international slots (albeit at copilots and still earning a fraction of what I do). I am jealous. Inside I am still that little boy who wanted nothing more than to be an airline pilot. I miss the uniform, the bidding, the big, comfortable, airplanes, the terminals (except for TSA of course). I miss the world-class professionalism and standardization. I miss the short overnights -- hey, I don't go to work to stare at hotel walls. I want to go to work, work hard, and go home! I miss being able to non-rev. I am saddened that my son may never be able to come with me on a trip and see his Dad at work the way I did with my Dad years ago. I miss flying with someone new on every trip. And I miss being able to bid "avoid" if there is someone who I don't get along with. I miss having someone else to do the flight planning (especially international!) and I miss having someone else to arrange hotels and transportation (though I would miss the points!) I miss having a chief pilot who had no idea who I was.
But most of all I miss that seniority number... knowing where I stand and that no matter what, that number would be mine to live and die by.