It is a fact that, given 2 students of apparently equal status, that the method of training, or at least the school, will be a deciding factor in who gets hired - years ago, the airlines decided that the self-improvers were not producing the quality of staff required, and it was decided that, eventually, full courses would be required. JAR may have smoothed things out a bit, but the real world is still like that, and schools will still take short cuts (employers know who they are). Certain American schools some time ago got a really bad name for this, and nobody would hire their graduates.
Of course, in theory, a licence is a licence, but have you ever known an interview panel to stick to the basic exam questions? The requirement for hours is more likely an insurance thing.
You need as much knowledge as you can get, and of the best quality you can get.
sgarvey is quite right to ask such questions.
Phil