I flew GA in Oz, joined Ansett and ended up now flying in Europe. I fly with 200 hour FOs all the time - and they are great at what they do.
Its all about statistics. The chances of the captain being incapacitated and the 200 hour second in command copilot having to take over control and fly the aircraft solo, is so remote as to be not even considered.
Not so - they are fully qualified FOs and perfectly capable of handling an incap. Indeed we had one a couple of years ago and the FO diverted and landed without problems.
How many hours does a wings graduate in the RAAF have?