If you get one thing from all the posts above it should that there is no standard path to a flying career. There are many things that will affect your path. Some you can control others you can not.
I speak for years of experience.
I have spent 20 years in this biz and currently at my 6th airline.
Here are a few things I have learned.
1- Things always change!!! example, in 2001 I got hired at my dream job at a major. 6 months later 911 happened and I was on the street with no job and no flying jobs available. You think change will not happen to you, well talk to any random pilot that has been in this industry for 20 years, you will hear about all the things that happen that the young guys have never experienced.
furloughs, bankruptcy, mergers, bases closures,pensions disappearing, fleet changes, pay cuts,work rule changes, etc.
The industry is in an up cycle right now, just like the late 90s. But the industry always follows the economy and they economy always goes up and down. This is one of the things you have no control over but you should keep it in mind.
2- Live in or near your domicile!!!
You QOL will definitely be 100% better if you do not commute. How much better will depend on if you are on reserve, schedules your airline has, etc. But even under the best conditions it takes time away from home. Plus it will add cost, (crash pad more money for food, etc). If you live in domicile, even reserve becomes much better. In fact at some places reserve goes so senior a junior pilot can not bid it because all the senior guys take it. Why, because a reserve pilot rarely flys on all their ON days. So you can sit at home instead of at a crash pad. You will get more days off at home. Of course this assumes you are not trying to build hours. There are exceptions to this. if your airline does not have a domicile you want to live in or maybe your wife has a good job in a different city, maybe it is cheap to live where you are. There are lots of factors, but just know if you commute, even with a great schedule you will be away from home more.
3- The airline that is the one everyone wants to work for will not be the one next year. Don't pick an airline by who is the "hot one" now. (see rule #1)
Look at all the factors that are important to you and pick the one that meets most of them. For me, I live on the west coast and rule #2 was high on my list. A few airlines floated to to top. Then I narrowed it down to Compass. There were several things they offered that made it a great fit for me. LAX is a junior base for them, so I got awarded it before I completed train. (rule #2 covered)
They currently have very short reserve time in LAX, (2-3 months) If you live in the east, there many be better option for you than commuting to LA. But then again, we have guys that commute from HI and they have schedules with 14 days off with only 1 yr seniority.
Also, Compass gives 4 commuter hotel room per month. So many guys that commute don't have to have a crash pad. That may make a difference for a person, but then again you are still commuting. But a very nice benefit to have.
3- have a long term goal, but have a backup plan.
For me, my goal like everyone else is to get back to a major. But if the economy tanks in the next year, hiring will probably come to a standstill. Could you be happy at the regional you pick for the next several years? That is a question you have to keep in mind. Compass currently has a 1 yr upgrade time. So for me that out weighed higher pay at some other airlines.
bottom line, everyone's situation is different and everyone has things that are more important to them than the next guy. Look at the things that are important to you and then see how they match up to some of the airlines you are interested in and what they can offer.
rule #4
The 3 rules above will never change in this industry!!!