I was in this situation myself last year. I made it through to the holding pool in the CTC ATP scheme early last year. It seemed like a sure fire bet. The main customer Easyjet was hiring hundreds of pilots and in the past many came from the ATP scheme. Easyjet changed their mind and decided to go for experienced guys instead. So, my hopes were on the charter airlines who merged meaning no jobs. By this time I'd been on the dole for four months and not flown for a living for over a year. I decided to accept a job on the Chieftain for an ambulance operator while I waited to be pulled out of the CTC pool (fantastic experience by the way). By November, I was still in that damned holding pool and as the 2008 jobs market was looking dodgy I decided to get something while I could. There was plenty of turboprop stuff going and I drummed up a couple of job offers. Just as I started a type rating on a 24 tonne TP I find out my CTC course mates have been placed with Easyjet on the Boeing. Sods law!
Yes, it was a bitter pill to swallow at first but I am comfortable with my decision. I think that sometimes you've got to chase the two birds in the bush but theres also a time to accept the one in the hand. Right now, I'd accept any half decent flying job going. This winter is going to be rough, with lay offs ahead and you need to be in a job ASAP.