Dan buster,
I tend to agree with you but imagine a 25 year old Australian / Canadian / American male/female with 1000-1500 hours working in GA for next to nothing. This must be enticing on some level. Put yourself in their shoes just for a minute.
Virgin Blue have just jumped on the cadet band wagon and it looks like it's here to stay (at least here in Oz) pending the senate inquiry of course.
The writing is on the wall for any future airline pilots. Those of you who are there and established I wish you the best of British luck in hanging on to what you've got.
The bean counters always win.
Bunghole.