It must just depend on where you're instructing. I was a full time instructor in California until recently and I was doing fairly well. I flew 1100 hours in 12 months, plus some ground instruction, and I think my hourly wage was probably above most first year regional FOs.

Actually, I could never understand why everyone seems to be in such a rush to get out of instructing. I can't speak for the situation elsewhere, but it's been pretty good to me. Maybe I'm just spoiled teaching where I do.

Also, can you have your captain friend at Southwest walk in my resume, too?
I'll hook you up with a BFR or something.