Well i'm not too sure on the current status of the scheme, but the interview used to be free of charge with pegasus flights and 1 night stay in the radisson hotel all paid for by the airline. So there wasn't much loss in going for the interview in comparison to the other type rating companies which require you to pay upfront for the interviews.
Its also true that you have to be without safety pilot before 70 hours, basically you have to be demonstrate you can fly and land the aircraft safely if the captain becomes incapacitated on your own. It also true regarding the length of contracts, most of my friends got 6 months and renewable after that depending on the airline needs, some have stayed and some have left. The magic 500 hours is most airlines requirements so theres not much complaining about that if you get it.
Also depends on the captains you fly with, it varies between each of them, some are good and some are bad, like most airlines you get some you like and some you dislike, welcome to reality...