In actual fact, the CX cadetship has remained very local-oriented, despite the fact that it was opened to a global audience nearly a year ago. Many expat cadets will be new to HKG after finishing their training, but they will not get the financial perks that DE pilots were entitled to. So obviously if you are an expat looking at the CPP, then take a close look at what you are getting yourself into - as I mentioned earlier while it is possible to get by on the SO paycheck, your life won't remotely resemble your original one back home. It all depends on whether this is the right thing for you or not. Most expats applying for the CPP have a choice between staying at home and forging a career there, or moving to HKG and trying out with CX. You have a choice there, so pick wisely.
As for locals, I would say everything more or less stays the same. For local youngsters, the CXCPP remains as the only viable pathway towards commercial flying, as it has been for the past decade. No matter how much you want to do some real flying (as opposed to sitting in the back), it is something that locals must accept because that's how the game is played. If you don't have the option of choosing another airline that pays you more or treats you better, then naturally you would not think CX is such a bad idea... especially when you have the opportunity to fulfill your career aspiration. What's more, the SO pay is more than enough for a LEP to get by in HKG. You may be paid significantly less than what other professionals get in their line of work, but then again people with a passion for aviation are normally willing to take job satisfaction as a form of renumeration too. I certainly could live with that.
Caveat Emptor.