I think with the growing numbers of 250hr pilots going straight to the rhs of medium size jets at the likes of ezy and fr, and the clear preference that these airlines have for recruiting low hour pilots rather than guys with previous experience, the value of the modern day f/o is without doubt in decline. Certainly in the view of airline management and accountants. New entrants to the industry are being offered, and are accepting, ever worse T&Cs. As a result the position is being exploited. Certainly at my airline the objective is to fill the seat as cheaply as possible with no regard to what the role actually entails. You can either view this as a side affect of supply exceeding demand, or a longer term problem.