Reducing hours does not generate the same cost savings as furloughs. For this reason companies almost always demand additional contract concessions to provide a equivalent overall cost savings. They also tend to want the additional changes to be permanent. Many pilots in the furlough range will tell you not to gut the contract to keep them employed. They would rather come back to a strong contract.
Furlough mitigation can be successfully negotiated especially if management feels the furlough timeline is under 2 years. You just need to be very careful to insure ironclad snapbacks are in place. You also need to be aware that when recalls start the company will use this as another opportunity to amend the contract. "We could recall a additional 150 pilots but we need some help in the scheduling section".