Leo8, Tinstaafl has it about right. Those who suggest that either 'you will get a job with 200 hours because I know someone who did' or 'you can't possibly get a job with 200 hours bcause I don't know anyone else who did' are not being very helpful. Extrapolating to the whole industry from one's own experience is a very inaccurate way of assessing things!
There is some recruiting going on now, though not nearly as much as there was 2 years ago. Things are likely to get a great deal better over the next 18 months to two years, though a Gulf war could put everything back a year or so. Just a cursory look around Pprune shows that EZ, Ryanair, Flybe, JMC, and Virgin Atlantic are all recruiting right now, to a greater or lesser extent. Most operators have expressed an intent to recruit in 2003; BA is the only significant exception.
You must carefully construct your CV (there are plenty of threads here on that subject - do a search), create a covering letter specifically for each and every operator you target, and get your CV out to all of them as soon as you can. Where an airline has an online application procedure, study (maybe print out) all the preamble in detail before you put finger to keyboard. It's very easy to say something you didn't mean, but you can't change it once you've clicked 'submit'!
Be prepared for lots of rejections, but your search will bear fruit eventually.