Well at the risk of opening a can of worms, at least two of the operators I have spoken to in the past have said that part of the reason they insist on the JAA license as well is that they at least know that the candidate has passed a tough process in obtaining such as opposed to the not so rigorous FAA ticket.
I have both and it does annoy me a little when I see someone who went to the states for a month sitting making up the numbers in an interview waiting room in the UK.
Like I said........Head down awaiting incoming.....