Below is what the JAA are planning for the MPL theory. I don't see much in the way of a reduction in standards. In addition the ICAO requirement is for ATPL level knowledge, so the opportunity to cut corners is unlikely to be available regardless of what operators may wish to do. As for completeing the course in one year - that really is dream world stuff. 750 hours of theory is > 21 weeks just for openers.
9 The theoretical knowledge syllabus is set out in Appendix 1 to JAR-FCL 1.470. An approved ATPL(A) theoretical knowledge course shall comprise at least 750 hours (1 hour = 60 minutes instruction) of instruction which can include classroom work, inter-active video, slide/tape presentation, learning carrels, computer based training, and other media as approved by the Authority, in suitable proportions.
The 750 hours of instruction shall be divided in such a way that in each subject the minimum hours are:
Subject hours
Air Law 40
Aircraft General Knowledge 80
Flight Performance & Planning 90
Human Performance & Limitations 50
Meteorology 60
Navigation 150
Operational Procedures 20
Principles of Flight 30
Communications 30
Other sub-division of hours may be agreed between the Authority and the FTO.
The theoretical knowledge instruction for the type rating shall be in accordance with Appendix 1 to JAR-FCL 1.261(a), and shall cover the syllabus as set out in AMC FCL 1.261(a).