Desk-pilot,
Yes, as you know!
Am replying to your post to kick start this a little. My view is that it is just impossible to call most employment markets, especially aviation.
There are convincing arguments either way. Whilst BA shed jobs, there is no doubt the Euro low cost operators are eating into their routes, so arguably, BA's loss is easyJet's (plus others) gain. This is only an example, but it highlights one possible development - many agree that there will be an overall expansion of air traffic, although the market may continue to fragment with carriers becoming more and more route/price specific. The impact on this development for employment depends upon where you stand. Overall, the logic would state that there will be a need for more pilots overall, but individual carriers may well need to trim heads to exploit their increasingly niche markets.
As to what it may mean for low time newly qualified's, who knows? I'm an economist by training but not by profession so am happy to be shot down in flames over this theory.
Reading it back, I'm not even sure if I've given any sort of answer.
sydneyc