thegolfpimp,
NATS haven't been using FEAST for very long - it was introduced in spring 2009. There were a few people on the summer courses (Jul/Aug starts) that went through this selection process - everyone else went through the old system - and there's still a mix on the most recent courses.
It probably won't be for another year at least before any problems with the selection process become obvious. I don't know any stats, but I know of 3 people who've just finished the college and were 2nd time applicants - all did very well, so no obvious disadvantage there.