Heard recently no new intakes until at least 2011 (Cadet or D/E). I wouldn' be relying too much on the cadetship at the moment. With the current situation i would be out getting my hours and qualificataions going because there will be a lot of competition when the wheel starts turning again. By all means do a University course, but i would be careful on waiting for Qantas to come to the party in the near future, especially with cadetships.
Moral of the story, get everything ready for when the recruiting window opens, cos if history tells us anything it often isn't open for long. Might be hard work in the short term, but worth it in the long run.