These "airline mentored" schemes mean a lot to FTOs as they are great publicity for their marketing departments and, as such, are likely to bend over backwards to help you get through.
If you were thinking about turning the chance down because you are unsure about the future economic climate and thought that the job that the airline has you in mind for might not exist in 18 months time, then fair enough.
If you are considering turning down the best possible start that you can currently get, due to listening to unsubstantiated gossip on a rumour forum such as pprune about the relative merits of an FTO and then yes, quite barking!