No first hand experience, but i'll put my two cents in...
Pros and Cons to both airline and corporate.
Airlines go under and pilots with no seniority get furloughed.
If a corporation gets a little fiscally tight, the first thing to go is the flight department ( I think Eagle can attest to this). It doesn't matter how big the company is. It just takes one VP that thinks they are not getting their money's worth.
Its all a big crapshoot. MDpilot tole me some good advice...."If you retire, you obviously made the right decision"
One good thing about corporate is that if you lose your job then you can move over to the same job somewhere else, making the same pay and benifits. An airline pilot has to start over, doesn't matter if you were a 777 captian at a failed airline, your going to start as a 737 first officer on probation pay.