The Comair strike was huge. With their new contract, my company biggy backed on it and actually improved upon it. Our 2001 contract, signed 9/11/01, was really an awesome contract from a commuter standpoint (and language better than most of the bigger carriers).
However, here is the issue - the companies that had the best contracts and pay have been downsized significantly, and even "forced" into pay cuts. The companies that have lower pay expanded and grew significantly, and have much much better job security.
The phrase "cutting off your nose to spite your face" comes to mind...