As far as I know this scheme is only being offered to people who have already been through OAA and selection is based on MCC/JOT performance.
The line training cost is disgusting, but roughly equal to sector pay which is paid out from day 1. I suppose one could think of it as no sector pay but no line training cost. Also the Malaysian CAA allows 1000h/year so getting all the flying done in 12 months could be a reality. The initial contract is for 1000h or 15 months, whichever comes first.
When one considers living costs one's net profit (or loss as the case would be) after a year with Air Asia wouldn't be far from a year at Ryanair - RYR does pay more after 500h, but you have to live in a hotel bouncing all over Europe for line training and that's very expensive.
I'm afraid the industry these days is all about ripping off low-timers. We can live in denial working on the ground until the good times return, or jump in build hours and hope for the best. I won't judge which is right or wrong.
S.