BobDDuck
Island Bus Driver
It's much like JetBlue's arrangement, as I understand it. Regarding the binding nature of the policy manual, I would reason that the policy manual is as binding as any other element of company policy regarding matters of employment.
In the sense that the Pilot Advisory Board (I think that's what it is called) has absolutely zero legal say in the content of the agreements at JetBlue, yes, you are correct in thinking you are in a similar boat as them. Beyond that though, no, it is not similar. The contracts (and they are contracts) at JetBlue are between the company and each individual pilot. They also have expiration dates on them and have to be renewed to endure further employment. The system, they use there is very similar to something PARC or any other crew staffing company uses.