just to clear things up, they're not doing Oxford anymore, it's PTC for the next 120 candidates (so far). And it's the PTC graduates who will get this, not the past graduates.
I don't know exactly this is linked to which airline (probably GF or Bahrain Air), but it's probably something similar to what Flybe has with PTC. It might not be unconditional, but from what I read in these forums (and you guys would know better than me) ANY advantage would make a huge difference, if they get me halfway through the door (hell, just let them open the door) and I'll carry myself in. Like you guys suggested, I'll do my absolute best during my study and even better on the interview.
No, I don't believe it's literally a "guarantee", that's just impossible, but I do believe that it's a definite advantage.