I never did reserve at a regional, but reserve at SWA isn't terrible, especially for non-commuters. SWA uses reserves differently then other airlines, basically using reserve pilots to cover open trips. However, with some strategy you can often avoid a "normal" trip and either get something that is easy and blocks low, or a monster that turns in to multiple premium legs. It's impossible on reserve to get paid your line value, your going to go over. As a non-commuter you have a huge advantage of being able to pick-up (at 2nd year) if you aren't used on rsv. One last rsv benefit is that you aren't supposed to JA'd, which will be good for you since it sounds like you'll be on rsv in the summer.
Biggest issues, no trip ownership and no schedule flexibility. Even if the company assigns you a trip and you accept, you still have to answer the phone if they want to change it. This is tough on commuters who can get assigned a late report, but still have to commute in for the beginning of their RAP. Flexibility is poor since almost all reserve lines are weekend lines, and you cannot trade reserve lines in ELITT. Hopefully in the future we will be able to trade reserve blocks for other reserve blocks.
Make sure you read the contract and be prepared to talk to SWAPA about how trips should pay. Don't answer your phone outside of the RAP. Don't acknowledge a trip outside of your RAP unless it benefits you (usually to avoid a 3am wakeup call). Know when you are due close in parking, know the connect time when you're taking the last DH home, know when an AM rsv is supposed to be released on the last day. Scheulding will due their job and try and cover the trip, it's up to you (and SWAPA contract admin to help you) to know the contract and make sure your not being abused.