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How to approach possibly reneging an offer?

I am about to graduate from a master's program. After searching non-stop for a job, I received an offer about two weeks ago. I have already signed and am supposed to start in one month. The company (company A) seems really great and I think I'll greatly enjoy what I'll be doing, even if it doesn't fit directly into my 10-20 year plan. Here is the problem: A second company (Company B) contacted me last week to set up a phone interview. This position is directly tied to my career plans and I have been chasing people at Company B for at least two years. In fact, I used to work at this company (albeit in a much lower position) before leaving to get my graduate degree. I have set up a phone interview with them for next week because I feel it would be in my best interest to talk to them, even though I'm now committed to the company I signed with. (I am 99.9% sure that I will stay with Company A out of loyalty and life-style-- Company B's position usually requires 70+ hours per week and travel). My questions are: 1. Should I even be talking to the second company given that I have already signed with the first company? (Note: Normally I would not even consider, but this job with the second company is the whole reason I went for my master's to begin with and in this economy I trust no one as I've seen nearly 10% of my class have offers rescinded while another 30% still don't have offers). 2. What conditions should I change my mind? I think work/life balance is important, but this second position may boost my salary by nearly 50% over the first offer and 200% over what I made before pursuing a graduate degree. (Another note: This isn't because the second job will pay so much more, it's just that my pre-graduate job paid so little.) 3. How upfront should I be with the second company? I am pretty sure I will not ever tell the first company especially since I'm still 99.9% I will stay with them, assuming I even get the job at company B. 4. The market I will be in is relatively small. I'm sure people talk and I know there will be bitterness over my decision if I rescind. How long will it take to get my reputation back if I renege? Other factors: Company B has a national reputation and five years there carries a lot of weight. Plus, I have more exposure to what I ultimately want to do (I don't want to say more out of fear of being discovered.) We are in a tight market and Company B is way more likely to be effected by the downturn than Company A, so job security is much higher at company A. Once again, I'll be in a small market and have already talked to everyone in that market, so if I get an offer at B and renege I am pretty much f-ed becuase there will be no going back to A and nobody else is hiring. But I don't think company B has layed off for decades. Finally, Company A gave me a signing bonus, but I haven't spent it yet. My only legal obligation if I renege is to return this money. My decision point is that if I can get the 50% higher income without working more than 65 hours per week on average ( I realize some weeks will have many more hours) I will strongly consider Company B. But then again, the probability of me getting the job are probably 25% and the joint probability of me getting the job and it meeting my requirements above is probably 2.5 to 5.0%. Any advice, comments, things to consider, etc. are greatly appreciated. I know I am jumping the gun here, but I want to be ready and I tend to overanalyze everything. Thank you. The probabilities are really just provided to give someone an opportunity to tell me that I'm overthinking this way too much. As for the hours, I have young children that I want to spend time with. As they age, I will be able (eager to) work more because they will (1) cost more and (2) complain/talk back more. Company B--or a similar company/position--is really step 2 in my 10 year plan, but I figure I should really consider an opportunity to skip a step.

Public Comments

1. A person is only as good as their word. You signed an agreement and took their money. If you back out of an interview you might be able to get another down the road, but if you back out on an agreement, that door is closed because you are not considered an honest person. I would stay with company A until I honored my agreement.
2. You should do the interview, but be clear to co. B that you have accepted a position already and think you should keep your commitments -- see what they respond. You say co. B fits your 10-20 yr plan except too many hours & too much travel. Sounds like you better reformulate your 10-20 yr plan. The probabilities you state don't sound meaningful. In a relatively small market, if you screw this up it will follow you indefinitely. Same way, if you do it right, it will help lay the groundwork for your future.
3. Because I'm more of a worrier, I'd stick with company A, for two reasons: 1) You mentioned that it offers more job security that company B and, in this economy, circumstances could change overnight. So, it's better to go with the job that has the best likelihood of being stable in the coming year or two. 2) Your career field is small, so there's a good chance that putting a black mark on your interactions with company A will negatively impact your reputation in the future. Not to mention, you've already signed on with the first company! That's a pretty big step, and one not to be taken lightly. Think about it; if company B is pursuing you now--just out of grad. school AND in a crappy economy--there's a good chance that you'll get another chance with them down the road. I'd stick with the first company for a few years and then, if you're still having those "what if" thoughts, then re-apply with company B.