It should be no surprise that it is not a good contract. I can not think of any aviation labor group in recent history who has come out of bankruptcy with a status quo contract or made contractual gains. This situation is no different.
My feeling is that US Airways is your best option. If AMR manages to fight them off, you guys will have to live under this horrible contract, or worse, no contract at all.
If US Airways is successful, the NEW American will be stronger, more stable, and provide for more economic gains for the pilot group in the future.
I do not envy the postiion that the American pilot group is in and the tough choices that must be made.
Good Luck!