All regional airlines pay like crap, but I truly don't see how some folks can afford to go to Lakes for 3-4 years in order to get that "coveted" 1000 TPIC. I understand the desire to get qualified for a major airline job right effing now, but the pay is SO low that I don't see how you can do it unless you 1. have a highly paid spouse, 2. mommy & daddy are paying your expenses, 3. you are going into tens of thousands of dollars of debt or 4. you like living hand-to-mouth in a college dorm-style environment.
If I had stayed at Air Wisconsin, I'd have made more $$$ since Jan 2006 as an FO than if I had upgraded after 12 months to E120CA at Lakes. Of course at this point I'd have a few thousand hours of PIC time with all the boxes checked for Delta, FedEx, SWA, etc. but I'd be in debt and I don't have a remotely expensive lifestyle.
To each their own, however; goodness knows there are plenty of Lakes pilots who have gone from a 1900 to 737 and MUCH larger equipment with no problems over the last couple decades.