Here are just two examples of areas that cause me significant heartburn:

9.A.7.a. "The Company may cancel Vacation in the event of a voluntary upgrade or transition Bid or if there is an operational need."

So if the company fails to properly staff (shocker, I know), attrition outpaces hiring, or for any other reason likely outside the control of the pilot group, that causes understaffing, then guess what? You get to explain to the wife and kids why they now have to stay home while Daddy goes to work. Sure, your vacation may be rescheduled or paid out and your prepaid vacation expenses refunded, but isn't that a little beside the point? You pay for the company's failure to plan properly (something we all deal with daily right now).

16.G.3. "Crew Scheduling may change a Reserve Line Pilot's Days Off, excluding Golden Days, on the calendar day prior to a Day Off."

So those wondrous 'blocks' of days off? Even if you are awarded them, there is no guarantee you will actually enjoy them. Just like vacation above, you made plans for your day off (quick trip with the family, FAA Medical appointment perhaps, appointment with the cable installer, whatever), you have to suck it up while bending over and take it. Oh, and if you think you will be able to pick and choose which day is given to you in return, I have some oceanfront property in Arizona to sell you.

In other words, zero protection for your hard earned time off as it applies to these two areas.

My .02