Geez, it's hard to say. The "catch", if a person has one, will be different for everyone. A couple I've heard repeated most often aren't really catches for me. The contract being extended to 2013 from 2010 is a catch for some (I see it as an extra 3 years of stability in my life). Loss of the current HBA system is a catch for some that hoped to use an airport in the future that is not on the list of 100 (although NOBODY loses their current HBA if this passes and I suspect the list of 100 crew bases will accomodate 90% of the pilots here). Another benefit with the 100 crew bases is that the section will be removed from future negotiations per language in our contract unless BOTH sides agree to discuss it. So they are safe in future contracts.
Regarding hiring, there is a problem keeping new hires that don't like the domicile system. They come and get the type-rating, then leave for a corporate job closer to their home. That would likely end (or at least be greatly reduced) under the crew base system. Bankrupting other companies that try to play catch up - sounds good to me.
Benefits are unchanged, except for retiree medical which will undergo modifications to work better with Medicare (it's not being eliminated). 401k actually got some small improvements (still a 50% match).
Additional opportunities to earn some overtime if we are on standby duty for over 3 hours in a day.
Crew food program language was improved.
A HUGE benefit I saw was the addition of some scope language regarding international flying. That helped alleviate some of the concerns I have about the Netjets Europe guys flying our passengers from the U.S. to Europe/Middle East/Asia and back on their Falcon 7X's instead of our guys doing it on our planes.
I don't see anything sneaky written in there. I have no doubt the company will come up with creative interpretations of things. That always happens. It's part of the game. It's up to us to keep them honest through the grievance process.