I have recently conducted a research project on how pilots actually gain competence (hours, training, education etc) with reference to this particular study however there are other more recent and relevant studies out there.
One of the best quotes I liked from the preliminary literature review was:
"There is a huge difference between a pilot with 10000 hours and a pilot with 1 hour, 10000 times"
The bottom line:
1.The value of hour building is limited if not done in a relevant environment.
2.Continued training is more effective than simply hour building.
3.Continued training and practice in CRM (Non technical) skills are required.
4.RELEVANT aviation knowledge does help to improve competence.
It comes down to the KSA model.
Knowledge
Skills
Attitudes
You need all three to be competent, a lot of pilots out there are lacking at least one of the three. The word "Experience" also needs to be disassociated with "hours", they are very weakly linked. Experience involves a combination of knowledge, continued training in both technical and non technical skills with a small element of time (i.e hours) for practice.
The future of training:
It really points towards new training programs such as the MPL, preferably combined with a strong element of relevant aviation knowledge.