I don't even know about the more $$ deal. I'd say an O-3 (especially once you hit the over 6 in aviation flight pay), over 6 is probably making as much if not more than many a left-seater airline pilot. Now take the same O-3 and put them FDNF with COLA or even better in the desert with no taxes or bahrain with Per diem (or any of the other good deal communities with per diem deployments) and he's probably making a LOT more than many captains.
Maybe in the biggest of airframes or UPS/FEDEX, captains still make the big bucks, but all the anecdotal evidence/he said/she said stuff I've seen/heard and pilots I've talked to... airlines aren't paying like they used to...
Also take into account flying for the regionals until you have the mins for the big leagues for a few years at like 17-25K a year AND all the right seat time even in the big leagues where you may make in the 50's. Then compare that to being a brand new ENS making 48K a year and within 2 or so years I was in the fleet making 90ish FDNF. 2 years..... no other pilot gig has a pay ladder like that for a guy with 300 hours out of a pilot-factory like ERAU, NEVERMIND being completely inexperienced off-the-street civilian.
Otto - once again you do not know what you are talking about.
Regional airline pilots make shit. Major airline pilots still make good money.
Major airline FOs make more than $50k. OK, first year on probation $50k or less but then it goes up. My 2nd year was $80k, $100k third year and up. I was on 4th year pay the amjority of 2010 (11 of 12 months) and made about $135k for the year plus another $6500 - $7000 in per diem (which I didn't come close to spending). I had at least 15 days off a month, with 20-22 days off a couple of months.
The Captains at my airline make a minimum of about $200k per year - far better than LT pay. Training Captains can add another $50k/year to that easily.
SWA FOs can easily make $175k and their Captains $250k per year.
Delta wide-body guys do better than SWA. FedEx and UPS guys make even more.
Quality of life at any major airline even as a junior guy on reserve beats the hell out of military quality of life.
I have the best paying part-time job in the world.
I also have a hell of a lot more responsibility than most people because if I fuck up, I kill 250 people. And although I do have contact with the company, once we take off, it all rest on the pilots' far more than it ever did in the P-3. I feel the responsibility even more than when I was picking targets for the pointy nose guys to blow the hell out of in Bosnia. There are many BIG decisions that have to be made by the crew in the cockpit - things like diverting which cost the company big bucks and greatly inconvenience the pax. Divert decisions were a lot easier in the military as the variables were greatly reduced. What about that 300 RVR autoland? And the 250 pax making it with you?
Fixed wing military guys don't have to fly for the regionals. If there is hiring going on, they can go straight to a major airline. A military helo guy with minimal fixed wing multi time (compared to civilian) can go to some majors too (not all and is more difficult but doable). And in many ways, it is like rushing a fraternity, You won't get called for the interview if you don't have the qualifications. You won't get hired out of the interview if you are a dick that no one wants to spend hours sitting next to you in a cockpit.
It is THE SHOW (as A4s likes to say). You have to be a part of it to really understand this.