Simple, it's a G-reg licence only. You can't take it to eg Ryanair. They are an Irish reg company.
If a german company offers you a job you will find it extremely difficult to convert that UK issued ATPL to an eg German JAR issued ATPL.
It is a trap that has caught a few guys out.
Also, you did state that FO's were exempt the 14 exams. They are not. Only people with command time will get the exemption. (A small point but it's caugth out folk here too)
The UK ATPL based on 2 exams (and a sim check) because of you have command time can be closed when ever they like. JAA is about to undergo yet another name change. EASA is the new name I think. The CAA have changed the IR conversion requirements 3 times in 3 years.
To do the 7 exams in Australia is much more straight forward than any thing JAR can throw at you. Darn sight cheaper too. (esp if you don't have that magical command time) Trust me on that one....
