LTCTerry's got a good summary. The 1500 hrs rule, if not bringing about any safety improvement, at least could bring about a shortage which will drive pilot's collective bargaining power up. I hear they've problems filling courses at the regionals. An old friend of mine, working for a regional, got tasked to gather a group of Europeans fulfilling the ATP requirement. The company would provide relevant work visas. I think that's a first.
As to bringing about change, I still believe in a much more regulated flight school market. A few kid's dream may go bust, but we can also avoid dreams turning into nightmares when ppl find themselves in 150-200 000 Euro debt and still no prospects of a job. Would also bring forward suitable candidates, rather than the ones with the biggest wallet.