I believe that it will be no sooner than 2013, more likely around 2020 to see a full recovery.
I got out of flight training after my ATPL theory course and will not do the rest of the training until airlines come begging to me, pay for my type-rating and offer me at least 2000 euro after tax as starting monthly salary plus sector/block hours pay.
If those conditions don' t come back, that' s too bad, I will happily do something else.
If my dream was to become a pilot, my dream wasn' t to become a slave as well.
As pilots, we' re supposed to know the boundaries between what' s reasonable and what' s madness.
I am not investing 60 000 euro plus type-rating for a potential, conditional, low-wage job. That is madness.