I don't really know why this deal is getting slated so much. I think you are all looking at it through the wrong window.
Flight training in the last 20 years is not free of charge. If you want to fly aeroplanes then you are going to have to pay for training. As you all know there are various ways to do this, integrated, modular, mpl, and airline schemes. Either way it is going to cost you alot of money. Look at each way in detail
Integrated, its going to cost you around £100,000. No job guarantee.
Modular, probably in the region of £70,000. No job guarantee
MPL, probably the same as integrated, around £100,000. Job guarantee? 99.9%
Airline scheme, £66,000 + living expenses. Job guarantee? 99.9%
The BA scheme so I am led to believe is similar, they pay for part of your training and you have a salary decrease to pay it back. The only difference between this and BA is that with Flybe you start on a lower salary so it feels like a bum deal. You could choose to do it the other way, go integrated or modular, pay through the nose and hope you get an interview with an airline but you'll be joining the masses with the same license trying to find a job. Whichever way you choose it's going to cost you a serious amount of cash, there are no free ways into this industry anymore and this scheme is a genuine attempt to give the cadet a leg up and start in the industry at a reduced initial cost outlay.