Monk - Well maybe some might have it together but if you have never experienced being scared by say a weather situation you have got yourself into in a real plane then how do you think it will be up there on the infamous dark & stormy night? Maybe they can simulate these situations in the simulator? Procedures for everything as you say. It aint the same as experiencing it for real. Why should the Captain be the only one to have experienced things like that!
I am not saying as quoted "I am better than anyone else." The point I am trying to make is any command time is going to make you better at making decisions when you have to step into the Captains shoes.
I fully support low time pilots being trained for multi-crew operations but I do think they need to have a component to the training where they need to be able to make command decisions in real planes. You don't get that by doing all your hours in a simulator!
As for the Captain being incapacitated that is the freak scenario I should add. Very unlikely considering all the medicals we have to go through.