Yes it's expensive, but is it anymore expensive than going whitetail with CTC/OAA/FTE? Not really.
You pay through the nose for a bit of job security though given its a job with what is essentially a Norwegian bankrolled front company set up to screw their pilots I could see why a lot would be put off applying.
It's very much a rich kids tool for getting 2000 hours before flying for ME3 airlines rather than for those wanting a long term career with a European airline. That said, if you are in that position then it's probably not the worst scheme in the world, pretty comparable to the CTC/OAA easyJet flexi contracts.