I am aware that during the course, if anything goes pear shaped then cadets are put onto the fATPL. That is good thinking.
However be aware of the very possible risk that if you do not get a job with Flybe, even after swimming, then you have a license that is worthless unless you have funds to convert it back to a fATPL.
Also be aware that until you get 1500 hrs, I suggest you pray to whoever it is you pray to that Flybe do not go under during the couple or so years it takes to get un-frozen. You will find it very difficult to get another job with an MPL under 1500 hours, let alone in this climate.
If I was a wannabe again, I would find the decision to do the Flybe MPL (providing I was successful during selection) very very difficult.
On one hand, you could do an fATPL with no guarantee of an airline job - yet have the license that allows you to apply for different pilot jobs.
Or do you go for the sponsorship where a job is "guaranteed" up to a point? Knowing that if Flybe have no place for you within 2? years, or you get made redundant before 1500 hrs, you have a worthless license?
I'm glad I don't have this decision to make.