Hmm this subject rears its head every now and then - I thought we hadn't seen it for a while...
I think it is relevant to remember that most of the 200 hour pilots who end up straight in the RHS of a multi-crew aircraft have been through a much more rigorous selection process than most higher hour pilots. This can be by cadet entry selection, or the pre-selection of self-sponsored pilots by being top of the class at a reputable integrated school or through the ATP scheme (of course the military also very carefully select their pilots).
They have also passed the same type rating course and sim checks that a high hour guy has. (FAA pilots take note that all European FOs have to be type rated on the type they are flying).
Total time is no doubt a useful and easy factor to measure and compare pilots' ability. But, IMHO, TT hours should not be taken as the sole factor of ability as real life piloting skill is much more complex than one simple variable can describe, a variable which itself can represent hugely different things with equal weighting (boring holes in the Florida sky in a C152 vs. airline 737 hours).
There is a broad distribution in ability about every TT hours level: put simply, in the real world there are 200 hour pilots that fly like 2000 hour pilots and vice versa but
on average a 2000 hour pilot will be better.
This is born out by the fact that the military and many airlines quite happily put carefully selected 200 hour pilots in the RHS of their jets. This is because they have carefully chosen those with significantly higher than average ability.
Although it may seem unusual to many across the pond, the European system works: you can prove your ability
ab initio in the rigorous selection for airline sponsorship, you can prove your ability by self-sponsoring yourself in a reputable integrated school and coming very high in the class (which is likely to contain airline-sponsored cadets), you can prove your ability as a low-hours CPL/IR in the rigorous ATP scheme selection, or you can prove your ability by gaining hours.
In the US
AFAIK there is only the last option. Probably because there is much more GA so it is a more viable route.
cheers!
foggy.