''I left the RAF in '92 (yes, I know - KOS) with an ATPL gained with exemptions and was somewhat dismayed to read the back pages of Flight which contained several adverts from major carriers (including Cathay) stating that all applicants must hold an ATPL - gained without exemptions.''
That's because many regulating authorities around the world need a full ATPL issued from the pilot's original licencing authority to validate it for the issue of their own licence. In the case of Cathay Pacific's regulating authority, the Hong Kong CAD, a pass mark for every exam is required to issue a credit for their own. Exemptions mean you have no original pass mark and will have to take their equivalnet exam. Cathay Pacific deal with this by saying "No exemptions'' as it is too difficult for them to get prospective pilots over the hurdles, so they take the easier route.
Getting exemptions is the short term easy route, but it does restrict you future employment. Something to consider as European terms and conditions seem to be going down the toilet and overseas jobs become more attractive.