Orca,
Without wishing to be that turkey voting for Christmas (no I'm not a senior officer), you may have a point. I wouldn't be surprised if the RAF's top heavy status stems from not only the fact that it sends its officers to war as aircrew, but also the perception from years back that as a highly technical service, it required above average education, skills etc etc etc which were the preserve of the officer corps.
If I'm being honest, this probably doesn't hold a great deal of water any more. However, as we move further and further into a Joint environment, where Joint is spelt A-R-M-Y, having the firepower that an extra stripe here and there can provide is rather handy at times. Otherwise, we'd all be living in shell scrapes, eating rat packs and changing into 'Thursday Afternoon Dress' along with various other quaint customs.
As long as the Army remains as dominant as it does - notwithstanding the current land-centric campaign giving their voice even more weight - the RAF and the RN need to be able to argue across the table as equals and if necessary shout the Army down when required. For that reason alone, I can't see us getting rid of lots of senior officers in a fell swoop.
The fact that it would destroy career pyramids at a stroke and leave a time bomb ticking away in the form of PVRs and options being exercised as the economic climate eases, is another but equally imprortant consideration in this one.