ILR - 5 yrs vs 10 yrs

[s3cure]

I need advice given my situation as follows:
• I came to the UK in Feb 2004 on a student visa.
• I finished my studies (MSc) in Nov 2007 and in Apr 2008 I switched to International Graduate Scheme (1 yr). I soon got a good job offer and started working full time.
• In Mar 2008, I switched to Tier 1 - General (3yrs) as I easily met the criteria already under the PBS.
• In June 2012 I applied for an extension as Tier 1 and although the postal application took 5 months+, it eventually arrived back and I currently have a DLR until Oct 2014.
*In 2008 I got married and my wife was granted a dependent visa. I now have 2 children born here and both have dependent visas.

My questions are:
• When would I qualify for an ILR? Is the time spent under IGS considered within the 5yrs criteria?
• Can I apply under the 10yrs (long stay) counting since feb 2004 which is when I first arrived in this country?
• Is applying under 5 yrs work status more straight forward in terms of documentary proofs and application processing as compared to 10yrs (long stay). Which option should I best go for?
• Would my wife and children be eligible for an ILR at the same time as me in both 5yrs or 10yrs route? Does my wife need to have stayed for at least 5 years as dependent to be eligible for an ILR?
Thanks.

[Lucapooka]

I currently have a DLR until Oct 2014.

Discretionary leave!? Are you sure? If you have DL then your ILR options are limited to 10 year long residence or after six years of DL, whichever comes the sooner. The five year migrant worker route is not available to you any more.

[s3cure]

Just to make sure I am giving the correct info here. I saw DLR in other posts and assume it means Definite Leave to Remain as opposed to ILR. If not then I am sorry for my mis-understanding and by:

I currently have a DLR until Oct 2014.

I mean I have a Tier 1 extention (2 yrs) valid until Oct 2014.