I will continue to do some research but it appears it is a very bad time to start training in the current economic climate. That said, due to my circumstances I would aim to graduate in 2011/2012. I guess you'd need a crystal ball to know what it's going to be like then. I suppose there could even be a glut of newly trained pilots that have been put off training by the current job prospects. Well, perhaps that's wishful thinking
I doubt it. At the moment we have a number of experienced FOs and Captains job hunting and not getting much luck. If they're struggling then imagine what its going to be like for a newly trained wanna be with no experience.
From my own opinion, I think when the economy picks up a bit it's going to take a further year for the experienced guys to get a job and then another year or two for the low hour pilots. The only issue is we don't know for sure when things are going to get better, some suggest 2012 some thing later than that.
Best of luck!