Not disagreeing with your (very good) point, Lowkoon; though I wonder why everyone keeps heralding the dawn of the 1500 he requirements for FAA pt.121.
Marvin Renslow had thousands of hours. From the last 18 months or so - the combined cockpit experience of the US A320 at PHL, the SWA 737 at LGA and the UPS A300 at BHX (all hull losses) were all in the tens of thousands of hours...
Whilst agreeing with everything else you wrote, I believe flight time bears very little resemblance to proficiency. What is needed is better training. The military being perhaps the best example of this.
It's better than nothing, but throwing in a 1500hr requirement is going about it in the wrong way. 1500 going up and down Hermosa Beach towing an insurance banner in a 152 isn't going to do you much good, come airline time.