People, there's no need for all this bad feeling, is there? At least, not at each other; we are all on the same side here!
Unfortunately, you have to play the hand you're dealt. The market is most certainly skewed in favour of the buyer at the moment, and Ryanair have taken advantage of that fact. According to rumour (I've yet to see a definitive statement from the company), EZ are about to go the same way. I find these tactics somewhat cynical, but I doubt that we have the political or economic power to change them. However, it's not all bad.
As I understand it, the Ryanair deal is that you pay £15,000 for your type conversion and line training as a package. While there is no guarantee of a job at the end of the line training, I've yet to hear of a rejection - perhaps someone can confirm that? The pay for the first year isn't great, but I'm not sure I agree with the seemingly-accepted principle that a 200-hour fATPL should be able to walk into a £40k pa job. In my opinion, you don't have the experience to justify that level of reward. Remember, the vast majority of airline pilots have had a far longer apprenticeship before they made the dizzy heights of a jet seat, and historically there's a bloody good reason for that! I'm sure many of you will disagree with that, but I comment with 25 years and 10,000 hours of heavy experience behind me.
However, these jobs are available (at least to some), whether I like it or not! Not only that, but the prospects for a Ryanair or EZ pilot are extremely good. It's not unreasonable that you could have a £70k command within 5-6 years of joining the company as a 200-hour fATPL. I reckon that's not a bad deal!! As an aside, notwithstanding my aforementioned-25 years professional flying, I earn 'only' £43k with Virgin. But, and this is important to me, I have lots of time off, I go to nice places, and I have a life outside my job.
My last point is that Ryan do not bond you, which is the method by which most airlines 'recover' the training costs. I assume the EZ deal will be similar, if it comes to pass. That means that you have the option to leave at any point after your line training with, presumably, a month's notice. That gives you the upper hand when the market starts to improve - which it will.
In summary, if you really must have a 737 to fly as soon as you've graduated, then the Ryan deal is the only game in town. If you're prepared to work your way through the system, you'll have a greater choice of employer later on. Think carefully before you reject the deal on principle.