There is significant recruitment going on right now in the sandpit. Unfortunately for wannabes, the opportunities at Emirates, Qatar, etc are mostly - if not exclusively – for people with serious jet time.
The slightly better news is that that covers an awful lot of FOs (not to mention captains) at the likes of Flybe, Easy and Ryanair. A lot of FOs who have been sat, biding their time with nowhere else to go for the last couple of years. And in the case of Flybe, captains who could earn as much in the right hand seat at Emirates. It's not for everyone, but you can bet that all of the above will lose people to the Middle East. In time, that will create opportunities further down the ladder.
My best guess, IF the economy improves, and IF no-one else goes bust, is that several UK carriers will have a need for limited recruitment next winter to cover the 2011 summer schedule. It's a little early to crack open the champagne, and I certainly wouldn't recommend rushing off to Oxford just because experienced guys are eyeing up Dubai and Doha, but it's another sign that the worst is probably behind us.