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"