I think www's first post on the state of play is about right. Don't forget several big airlines like bmi and ba have cadets waiting, either to start with the airline, or start previously postponed courses.
The only thing I would perhaps disagree with www on is that I think it would actually be a GOOD time to start a '509' course, as by the time you've finished it will be in 18 months time, when I think things will be different. If you wait for the boom before training, by the time you finish you have probably missed it! Also, flying schools are quiet, and you will get plenty of attention as a self sponsored student with no nasty sponsored cadets around nicking all the planes because uncle Rod wants his students out on time!!
I hope things will have picked up by spring 2003, and certainly by 2004. BALPA are predicting a big pilot shortage by 2005-6 (although take this with a pinch of salt - something always seems to come along and spoil it!)
War in the gulf is obviously worrying, and would certainly not help, but I certainly hope it wouldn't be on the scale we saw last time. Confidence in flying since Sept. 11th reapperared sooner than thought, although the effects are still be felt by the lower yields.