Ready, Steady.... GO!!!!
It is live. Bafuturepilot.com
You need GCSEs grade B in maths english and science. You will also need A Levels of BBC and it looks like a 2.1 degree is nice to have but not required (massive advantage though I bet).
Finally you must be 18 by Feb 2012, and no older than 55.
Selection to be done at FTOs, with a final interview at BA.
Good luck!