Pilots are retiring. The industry is once again growing. Therefore there will once again be a demand for flightcrew.
Keep an eye on what happens on the continent though. For example I now fly with a lot of ex-Sabena aircrew. There is plenty of fat left to trim over sausage side. Just wait until easyJet and Ryanair start big bases in France and Germany.
Job losses on the continent are now a big issue for UK Wannabes in the shiny happy world of JAA.
Gulf War 2 could have a pretty negative effect also.
In essence its a gamble. We have all made it. You can be lucky or unlucky. I wouldn't personally look to be graduated with Frzn ATPL and <500hrs and no job for at least another 18 months.
That might mean you could start modular now.
Good luck,
WWW