Inevitably, the FTOs are facing a leanish time ahead, with the almost total elimination of sponsored cadets, and will try to persuade anyone they can to sign up now. Equally inevitably, any advice they give that this is the ideal time to train will be 'commercially influenced', to say the least!
That said, that doesn't mean that this is necessarily a bad time to consider starting your training. With the temporary demise of sponsored cadets, and the reduced number of self-sponsored students, you may be able to drive a fairly hard bargain on course charges. You should also be able to expect better continuity and priority from your FIs. But, and this is very important, your chosen FTO may well be on fairly dodgy financial ground with the relative lack of custom, so you should be very careful about paying for anything up front. Use a credit card for payment if possible, and have a go at arranging a deal where you pay, say, monthly in arrears. It may not be possible, but it's worth a try - remember, it's a buyer's market.
As for the overall market conditions when you graduate, who knows? I would try and time your entry to the marketplace for about 12 - 18 months time. By then things should have settled down. The good news is that the low cost airlines are, or are about to be, recruiting. EZ is looking for 140 pilots annually over the next three years, and Ryanair must be thinking similar numbers. These jobs won't be all filled by the redundant pilots ex-VS, BD, BA and others - many of them will look overseas for work. In any case, I'm beginning to get the feeling that we've already bottomed-out and can look for some cautious expansion from a year's time onward. You could be quite well placed....
However, this is the most difficult market to predict just now, so don't quote me on any of the above - I may well be wrong!