@ honestpilot...no need to do another ground school. I am from old school of thought and would still prefer to go via the conventional route of CPL/IR...however this is one of the good sides of MPL..it's is basically a frozen ATP (as per the carops). If you go to alpha they should be able to give you the ref...in the mean time let me see if I can dig out from my old documentation. I had done a comparative study between MPL/CPL and had gone thru the entire MPL regs...you will however have to do a skill-test (check ride) once you have the required hours....
@ pfpnf and vfenext...obviously u cannot log PIC! But can log PIC(US) I.e under supervision...these hours are counted towards requirements for the issue of higher grade of license...From the GCAA licensing part II below:
2.1.10 Crediting of Flight Time
2.1.10.1 A student pilot or the holder of a pilot licence shall be entitled to be credited in full with all solo, dual instruction and pilot in command flight time towards the total flight time required for the initial issue of a pilot licence or the issue of a higher grade of pilot licence.
2.1.10.2 The holder of a pilot licence, when acting as co-pilot of an aircraft required to be operated with a co-pilot, he/she shall be entitled to be credited with not more than 50 per cent of the co-pilot flight time towards the total flight time required for a higher grade of pilot licence.
2.1.10.3 The holder of a pilot licence when acting as co-pilot performing under the supervision of the pilot-in-command, the functions and duties of a pilot-in-command, shall be entitled to be credited in full with this flight time towards the total flight time required for a higher grade of pilot licence.
Hope this helps...cheers