This is NOT a cadetship but more of a streamlining of selection and training for Air NZ. Applicants for the program are selected before they start then go through with CPL/MEIR in the normal fashion - not much changing there. From there the worthy will then go on to do an airline integration course, this is NOT time in the cockpit or anything like that, its about learning SOPs and ground work.
The Pilot will then go out and build 2000 hours or whatever they require and when they day comes for them to apply for air nz (or other involved airlines) then their CV will go to the top of the pile as they will be recognised as top pilots already familiarised with an airline environment.
There may be some differences to what I have talked about there but on the whole that is what Ive been told is happening and my source is about as credible as they come