This is an interesting topic which I read only because I was sponsored myself. On first reading I thought is was basically a joke. How on earth would apply for this?
Having read some sensible replies I rememeber when I in the same situation a few years back and I would have been on the phone the second I saw it! Getting into flying is never easy and I have never regretted my decision (I moan occasionally like every pilot) but I would not change it for the world and if you really want to be a pilot then go for it, you won't regret it.
The scheme could be better (and easy have really tried to sell it!) but if you get it you will be an F/O and then Capt of a major airline having the time of your life (and having no life which you have to accept). It will be majorly subscribed I'm sure so good luck to you all.