Our perspective down here
AMEX,
I understand your "somewhat cynical" view on this issue, but down her in South Africa (also called the pear shaped side of the world), things are somewhat different.
Although we also have an up and down industry, it is a lot smaller than that found in Europe or elsewhere in the NH. As such, when the big players lose pilots to other airlines, they tend to produce a vacuum effect, taking pilots from the next airline down, and that airline taking pilots from the next airline down, etc. etc.
Yes, I also believe that bonds are not they way to go, because a pilot will leave if he wants to leave, bond or no bond. But now the co that sponsored that bond has to retrain and "bond" new pilots. That is the reason why the co that I am involved with has decided to go the self sponsored route. There is no drain on resources wrt paying for conversions. The co does employ the pilots it trains on a permanent basis, but as they have paid for the rating, they are free to leave at any time they wish.
The main issue here, is the fact that there are no legal issues when a pilot wants to leave for greener pastures. Maybe I am in the fortunate position to be involved with a company that has major contracts in Africa, and as such I do agree that this way of getting suitably qualified pilots, can be misused by unscrupoulous operators.
The choice however lies with the pilot. Do I or don't I. Any bit of asking around before taking the plunge, should make the choice a little bit easier.