In defence of 747, let's just dispel one or two popular myths on this subject:
Firstly, the JAA exams have become just as tick-box as the FAA. I converted an FAA CPL a few years ago and did the JAA theoretical exams via a distance learning course. I can honestly say that I found the study (about 2 hours a day for a year) a pain in the neck but very rewarding. Imagine my surprise when I went to the school for a refresher week before the exams and found out that the residential students in the main were learning "question banks" supplied by their instructors and often bought from other schools.
Nowadays the schools have such a knowledge of the JAA question data base that the 14 exams have essentially become as meaningless as the FAA exams.
Secondly, when I was in the States doing the practical exams (every bit as denmanding as the JAA in my opinion), my instructors in the main had done their CPLs in combination with a 4 year aeronautical sciences degree; a little more demanding than the JAA system! To work for a "Major" in the US you must have a degree and for many new FOs it makes sense to do it in an aviation subject. This largely accounts for the relatively basic theoretical exams in the US.
Both systems have their relative merits and I can honestly say from personal experience that neither are better. Under either system a pilot can gain a piece of paper that says that they are commercially qualified. No sensible operator is going to trust £30 million of jet and several hundred lives to just anyone who holds a commercial ticket. Those that have a sound understanding of the relevant aviation subjects, are personable, responsible, mature, reliable and can actually operate in a safe and expeditious manner in a multi-crew aeroplane will always get a job wherever they trained.
I am also fairly sure that if you have over 5,000 hours or so heavy jet time either authority will issue an exchange multi-crew licence subject to a check ride which can be done as part of a routine LPC. Worth looking in to.