PSA is still a very competitive place to go, and has a good outlook for new hires. You just need to write down what's important to you, and compare the different airline offers. If you're looking for flexible schedules, decent quality of life, career opportunities, and a sure job at AA, PSA is the place to go. If you're looking for decent first year pay and possibility* of a job at Delta (*if they hire you via SSP), Endeavor is the place to go. If you want to chase pay or slightly better work rules, but don't mind risking having the airline fold or downsize and you don't mind starting all over again, go to a 'contract carrier'. Regional consolidation is a certainty, and the big question mark is where the 'contract carriers' will end up, if anywhere.

If I were a new pilot entering the industry these would be my top choices in order: PSA, Endeavor, Envoy, Piedmont, Horizon. <<(Notice they're all wholly-owned carriers). Places I would avoid would be: AirWisc, GoJet, TransStates, CommutAir. The other contract carriers are still risky, but may or may not find the right path for survival.

At PSA:
Time on reserve is approximately 2-12 months depending on domicile you bid/are assigned, based on your seniority. Time to upgrade is currently 2.5-3 years. (Most new pilots at a regional won't have their required 121 hours to upgrade for 1.5-2 years anyway). Flow to AA currently for a new hire is just under 8 years, many factors included.

I don't see time to flow beyond 5 years as relevant. I don't see regional airlines being around in the current form in 5 years. There are approx 18,000 regional pilots with approx 20,000 pilots needed at the majors within 5 years. Even with regional consolidation and reduction in flying throughout the industry, there still won't be enough pilots to staff regionals. 70+ seat flying will return to the majors and 50 seat jets will be a thing of the past. Before the shortage plucks out every regional pilot to the majors, you'll see the majors offer seniority numbers and mainline pay rates to keep pilots in place flying the larger RJs. Seniority numbers are key. Solely increases in pay will not solve this problem. Also, bonuses and incentives will eventually become so expensive for the regionals, that it'll make more sense just to pay a negotiated mainline pay rate, and give the pilot a seniority slot. These same incentives will cause some contract carriers to go bankrupt or be sold off.

Retirements haven't even really kicked in, and the regionals are already feeling the pinch. 2017 is when the big retirement numbers start happening. Without seniority numbers, the bleeding of pilots from the regionals will continue.

I truly like PSA. I've seen the lowest of lows here, but I can honestly say it's come a long way and things are much better. Two topics which need to be addressed are: accuracy of paychecks and contract compliance. The recent $20,000 bonus for current/active FOs was wonderful - a great incentive to keep them around a little longer, and will enable them to drop flying while maintaining or even gaining a little pay. They can even delay upgrade for a year or so and be paid about the same as if they had upgraded.