I remember reading something about this a while ago. I think at the time it was being proposed as a "zero flight time" licence. Airlines would be the primary source of this training for their own cadet students and all training would be based on Level D (?) simulators.
Effectively it would produce a type rated first officer with a type specific IR who would not need to go through the current system of Single Engine Piston/Multi Engine Piston training. I was under the impression that the plan had been shelved.
If is the case that it will be available by 2005, time for someone to pass me the revolver....