To slightly enlarge on Beagles post,
The idea was for approximately 40 hours of training in light aircraft after which the rest (up to approximately 160 hours) would be in a full flight simulator - probably of the type operated by the sponsoring airline. At the completion of this 120 hours of IR/LOFT etc there would be an LST folowed by base and line training.
This would result in a 200 hour airline pilot who instead of having 160 hrs in light singles and twins and 40 hrs or so sim/aircraft on the multicrew type would have 40 hrs on light aircraft and 160hrs sim/ac on the multicrew type.
Although expensive, remembering that as two trainees would be paired in the sim with a TRI the cost would only be about 80 sim hours per candidate (remember that they do about 30 -40 anyway on an initial type rating) and might compare not unfavourably with the 50 grand for an integrated course at the likes of Oxford and Cabair.
The licence would not just be for a "copilot" as they could progress as normal to 1500 hrs/ATPL and eventually command. However the licensewould only be valid for multi crew aircraft with no cross over to singe crew commercial flying.
The idea came, I believe, from the airlines who were questioning the relevance of a lot of the light aircraft flying in the 509 course or it's modern equivalent. Whether it is a good idea or not is a matter of opinion, but you can see the airlines point of view, to some extent.
Most of this is heresay from chatting to TRIs and TREs in bars - so I take no responsibility if it is not entirely accurate but you should get the idea.