Don,
are you one of Danes that got shafted as per the news report? If so, congratulations on getting employment afterwards.
I guess no institution would ever compromise safety so I wouldn't go as far as to call the MPL Mickey Mouse.
However,
the amount of flying you get with fATPL is invaluable. The decisions/fear you go through during 100 odd hours of flight building and the confidence you gain afterwards is priceless.
I know this will cause a big divide but I would not have the confidence in my right hand man who has only flown for 70 hours. Regardless if he/she has 500 hours in a sim and knew how to operate the FMC with their eyes closed.
The feeling of inertia is something you can never simulate. I spent 2 years flying in SE Asia experiencing windshear in a crappy old 737-200. And I can honestly say hand on heart that my real life experiences during the fATPL made me feel confident when I completed my first few landings in atrocious weather on the 732. I would not hand over control in those conditions to a new MPL pilot.