Daveandg, you've pretty much got it spot on. 1200 a month for the first 8 months, then £45 an hour after that on Flexi. For the others sounding confused, yes there will be a few months where you'll be paid £1200 and have a loan repayment of anything up to £1000. Not much spare change to live eh? Most cadets seem to live at home or borrow off parents to pay the bills.
The figure Richard gave of £40000 a year is fairly accurate for the package as a whole. However that is pre tax, so monthly take home realistically is just over £2000 a month. So a grand in your hand per month after your loan repayment. That's quite realistic.