While the details of the ratio of sim to actual flying can be debated, it's a simple fact that 1000 hours in a Cessna 150 really doesn't count for much when it comes to commanding an airliner.
I know from experience that selected ab-initio low hours guys/gals perform very well in the airline environment and go on to make very good commanders in the minimum time.
The point about this new licence is that it enables F/O's to start gaining experience in the two crew cockpit from the start - and that's invaluable. And flying a transport jet is a world away from a light single or twin.
Send Clowns, with all due respect - you talk about people 'feeling' the aircraft - well who is going to be in a better position to do this? Obviously the person who's spent more time flying that aircraft! (Or sim). 1000 take-offs in a Cessna aren't going to tell you how your 737 should feel after take-off.
Beagle makes a good point about the NDB by the way, and I fully agree with him - the point is, in the real world, it's just not done that way. In fact, people need to be re-taught how to actually use the thing in a practical way!
Incoming.