flybe did this over the summer. The cadets that graduated from the training schools couldn't be offered a pilot position as there weren't any. So, the company offered them work as cabin crew. I think they were cabin crew for all of about 4-5 months before being allocated type rating courses.
I think this is a good thing to do. Work of any form is hard to come by at the moment as we all know so if the company can't offer pilot positions then enabling these people to at least be able to earn a wage is bordering on showing some loyalty!