Just to clarify the situation for those concerned. The March '09 course has been canned, there may be a mid-year course, recruitment will conduct a review in May '09 to see if they will have one or not. The cadetship has been changed dramatically for possible future courses. CIPP is now for a minimum of 2 years, YOU now have to find your own job, Qantas will not do this for you. You also will have to undergo an abridged direct entry testing now after completion of CIPPS before you are taken on as a trainee 2nd officer.
So essentially, you pay $1200 to be tested by Qantas for a training program that will cost you $147,000 (sure some of it is FEE-HELP, but you pay that back), then you have to find yourself a job for 2 years (difficult because cadets are disliked by the GA community), then you have to apply for a position with Qantas as a 2nd officer along the same lines as direct entry pilot.
Unlike Matt84 I don't believe this is an excellent opportunity. I will definitely not be continuing with my application despite being in a strong position, having passed interview and had refs contacted. If you think about it for a minute you will see there are several better options.
Adios amigos, good luck with your endeavours