The argument, no, let's say discussion, will never be settled. This is like discussing religion, politics, etc. Many of today's low time pilots do not have the skills of those of the 70's. Many examlpes of that in these and other forums, and in the cockpit. I won't waste time on that point. If you are not aware of this, then this discussion is out of your league.
However, maybe a lot of these skills are not now necessary because of the technology-FMS. Maybe the 500 hr, f/o doesn't need to figure how to get into a hold because he can just enter the fix into the fmc. Maybe it isn't necessary for him to make pitch, roll, power adjustments on a tight approach in gusting winds because all he has to do is sit back and monitor the airplane as it flies the approach by itself.
First flight with f/o, 4000 hrs heavy time: I can assume this guy knows how to fly. I don't know him personally, so I will keep an eye on him. Only came across 1 high time ex-military pilot who was, essentially, incompetent.
First flight with f/o, 500 hrs. Hope the wx's good. Bad wx, heavy traffic, I'd prefer to say, "sit back, relax, and watch." Seen too many probs with inexperienced pilots.
Doesn't mean they aren't motivated, or don't care. Means have no experience and shouldn't be here. When I had 200 hours, I would not have turned down an airline job. I would also have understood I had no idea what I was doing.