I think things are starting to pick up. There were quite a few jobs in Flt Int this week - Jet2, FlyDubai, and Openskies. Interestingly, openskies requirements weren't that strict - no type rating was required for instance.
The likes of BA and ezy will probably start taking some 200hr cadets soon. I actually think that we may all be surprised at how quickly the pool of talent dries up, as things have historically picked up rapidly after a recession as airlines leave it to the very last minute to be sure before recruiting. By this time they may be already a bit short of pilots, coupled with expansion. Plus only 50% or so pass selection and many who have been out of training for a while may struggle in flying assessments if not current.
It's not correct to say that redundant people with thousands of hours will block 200hr cadets from getting jobs as they come from different pools and are normally recruited in tandem (many airlines like a mix of experience with 200hr cadets and older more experienced DEPs).
Also, many pilots who stayed beyond 55 will be reaching 60 in just over a year, so hopefully there may then start to be a more normal retirement profile from Dec 2011 onwards.