PenAir is unique in that we operate both 135 and 121 - we have some special expemptions (made ground school quite a chore!) The 135 operation is the "bush" charters to outlying villages and communities around the state. They fly cherokee 6's, caravans and navajos out there. Mainly based out of king salmon, dillingham and cold bay. You can make some really good money flying the bush ops (unless you are right seat in the caravan, which doesnt' pay squat.) Generally they work two weeks on, two off.
The 121 operations are Saab 340s and Metro IIIs and 23s. Your first year as an FO, you make about 26K, then goes up steadily from there. As captain, you can make significantly more. I dont' want to throw the pay scales out there on this forum but if you email me I can give you a little more info. 121 side is nice because you are based in ANC, and back in town every night. They fly to some pretty gnarly places, like dutch harbor, St. Paul island, and sand point. Some of these are gravel runways in some of the nastiest wx in the world. You know how crab fishing in the bering sea is the most dangerous job in the world? We are the airline that flies those guys to work. From what I have seen so far it is an awesome company, with great people. It started out as a bush operation in the 60s, and has a pretty interesting history involving some of the pioneers of avaition up here. There were a lot of interesting stories in ground school.
PenAir is a great place to be for a number of reasons. We are codeshare with Alaska airlines, and we are taking over routes that they don't want anymore. Era is a major competetor of ours, and they may be going away as they were bought out. So we could be expanding a lot this year. Upgrade times - tough to say, but probably about 5 years. Usually you fly right seat for a while, then go to the bush for a year or two to get pic time, then come back as captain. Kind of depends on how much exansion there is in the next few years.
Hope that helps, let me know if you want more info...