I applaud you for asking questions especially since you haven't had the chance to get out there and realize what's going on. I was with Pan Am after the Navy and took a job at FedEx as soon as I could, well before Pan Am went under. My strategy was to get to a much more stable business model than passenger carrying. It's paid off. The right seat of a feeder cargo may help you build your time, but it really doesn't matter, just get the time. Personally I prefer flying boxes; they don't complain and you don't have to deal with the FA's, passengers and post 9/11 bs on the passenger side of the airport as much. The bottom line is FedEx and UPS are making BILLIONS that's with a B in profits, which means to some extent security. I will tell you something that a wise old captain told me when I left Pan Am:

1. Have at least a years salary stashed away and never touch it.
2. Live well below your means and save over and above what your contract allows, and
3. Don't ever think it can't happen to you. If someone had told him 20 years prior that PanAm would be going down the tubes he would have had them drug away in a straight jacket. I would bet many United, Northwest and Delta guys feel this way now too.

Good luck