I spent the first 10 years of my career flying with ex-cadets who were now Captains in a major European airline. An airline that doesn't have the SO position and these guys were ab-initio with no flying experience. Their first flying job was right hand seat on either a DC-10 or 747. Didn't seem to cause this particular airline any difficulties, they were all excellent Captains, well run cadet schemes are beneficial and produce a good quality of pilot and captain without the need to sit in the 'back'. As stated above, the position of SO is one that only benefits the accountants.