Indeed.
There was nothing wrong, in my opinion, with the 700 hr CPL/1,500 hr ATPL route.
You learnt your trade, one way or another, and generally gained substantial experience before being considered for an airline position.
200 hours in the 'old' days would be little more than a PPL/Night/IMC with, perhaps, a still wet AFI rating.
All the current system seems to prove is that you can teach bright young people how to operate a modern jet and enable the low-cost carriers to gain substantial financial benefits in the process.
I don't see BA and the like pursuing this line of training which, unfortunately, is probably one reason why they are suffering financially at the moment?
As John Ruskin famously stated: 'There is nothing in the world that some man cannot make a little worse and sell a little cheaper, and he who considers price only is that man's lawful prey'.
KR
FOK