There should be some people who are happy. I think the top half of the AT capts should be extatic. They have a huge raise, seat protection and will get to stay in ATL.
Jr AT Capt, I dunno. Big raise, seat protection, but you're going to get displaced and your seniority is going to sit at the bottom for a while.
If you're a SWA Capt, you get an 8% seniority bump and nothing else really changes.
AT senior FO. They got the worst of the deal. Big raise and you can stay in ATL but upgrade is going to be out of reach for a while.
If you're an AT new hire...well, you might be happy. Big raise and a much bigger pond to swim in. But you will be displaced and jr anywhere you go.
SWA FO....hard to say. I think the more junior you are, the more you might like this deal.
The senior SWA FO's I think will be angry no matter what happens. Unless they were all made Capts and CEO's of their own airlines I think some of those guys would be angry about it.