Mach,
I dont agree with what you have said either. My opinion is that for an abinitio jet FO it requires several years of exposure to jet operations before a satisfactory competance and knowledge base is reached. This means that at least ALL of the companys' cyclic simulator training program should be redone and to a high standard. The candidate should also have had several seasons of exposure to the companys' area of operation. This would take several years (at least 3, maybe 5 years) and 2000+ hours of flying.
I have seen jet captains with the experience base that you described and they have been frighteningly ignorant of some of the pitfalls regarding jet ops. They were also lacking in the common 'horse sense' that a well grounded jet pilot should possess. Similarly is the case with 'highly experieced' turbo prop pilots who transistion to jets - it's a very different ball game!
Anyone who thinks that 500 jet time as FO is the minimum for effective captaincy is kidding themselves. In a similar vein, captains with 500 hrs on type will not know enough about the aeroplane to be effective trainers.
Furthermore, the Ejet is a real jet aeroplane - not a toy!