I think your looking at realistically 2 years before completing your training. Its really too far away to make any reasoned judgement on what the job front will be like. The airline industry changes rapidly and at present the employment prospects look pretty poor, certainly within the uk and europe. It is however booming in China and India and there would appear to be plenty jobs. The vast majority would appear however to be for already experienced pilots. There are of course exceptions but if you read the recruitment agency jobs, its all Boeing and Airbus pilots with min 500 - 1000 hours on type. It is a risky time to be entering training just now, but as your rightly say, everything is cyclic. The oil price will level at some point, its has to. When that will be is anyones guess. My personal thoughts are that the biz jet and corporate route is the way to go. Flying will eventually becoming the privilage of the rich.