Qantas is shifting much of their work to Jet *. Qantaslink are parking aeroplanes because of a lack of suitable pilots. Well, a lack of suitable pilots who'll work for the money offered.
The lean airlines will survive but the inflexible, top heavy airlines will probably topple. The niche players may be vulnerable unless they can adapt to the changing market.
Pretty much like students considering flight training. Be flexible, keep an eye on the market both financial and the airline industry. Consider your own case, risks/benefits, your own financial position and make an informed decision about whether modular or integrated is best for you. (read financial papers, they're the ones most likely to tell the truth versus sensationalist tabloids)
My personal opinion is to go modular if you are already gainfully employed. Do your training part time or in blocks while continuing to save money. The people least likely to get a job during a recession/slow down is the low houred pilot. Read Flight International etc and as the financial market shows signs of bottoming, do your IR so it's all nice and fresh for interviews. (Your scan is the first thing to go if you're not using it.. guess what's looked at closely during a sim check.)
If you're lucky enough to get onto a cadet scheme that offers a firm job offer at the end, then consider that. Other wise, I wouldn't be spending a heap of cash on a full time course right now.
NJE are still expanding and growing. Admittedly our growth appears to have slowed to 15% per annum instead of +25%.