Very well put Studi!
(NSF, did you read Studi's post?)
The big safety problem with P2F is, that once you have done your agreed amount of hours and gained your first experience, you are spit out of the system. The airline puts a new guy into the seat, which is zero experienced again.
Spot on, and besides the obvious safety issue of P2F preventing to raise the level of experience in an airline, it also nullifies the value of this experience that a cadet was hoping to climb the career ladder with, as experience
excludes one from getting an interview for any real (paying!) job. How ironic!
It's a zero sum game: designed to flood the market with even more pilots in order to drive down T&C's.
The combined impact on safety and T&C's should have the CAA and unions woken up by now, but as usual, the silence is deafening...