Very well put, Lucifer and Studi. It would be even better if it we were discussing replacing SEP hour building for fATPL with level D sim hours but no such luck! What we have here is compressing the process which currently takes about two years, at the fastest, to one (1) year. Are you sure that everything that will be left out is useless? Surely we can do away with VFR droning and LORAN theory but I'm afraid that some basic stuff, like flight mechanics and aerodynamics will be severly reduced, to let MPL students to have barely enough time to learn the systems. After all, there' seems to be widespread notion that modern airline pilot is merely systems operator, so who needs aerodynamics with operative alpha protection.
Off the record, SAS flight academy crunched the numbers and found out that MPL would cost about 100 000€, a few K€ more then their current fATPL+TR syllabus. Mind you, that's for real cost of fATPL and TR, and not the price charged to the outside customers. Only benefit of MPL, as proposed, is increased simulator utilization.
Even more off record, certain airline had very nice cadetship sheme. Not much droning, more than half flight time on multi and about 60 hrs of it on very well equiped PA-42 (5 CRT EFIS, WXrad). Cross country would easily take student across the borders, cruise was done at high twenties and well above 250kt, there was presurization and anti-icing to take care of and its Vref was always above 100 kt. Not to mention that it was challenging to land well, at least for someone with a bit over 100 hrs TT. Alas, someone disregarded the benefits of learning to fly on such an advanced machine and ordered replacing Cheyennes with Senecas as more cost efficient solution to trainning needs. A year later, cadets with all-seneca experience started their TR courses and, to everyone's surprise, regularly needed aditional sim hours. I guess this still made economical sense, but hour-for-hour, even the complex turboprop twin was cheaper to operate than level D sim (in the late nineties, that is).