No, it means you have attained the absolute minimum standards necessary to be and apprentice pilot. If you have some other real-world experience behind you, then you are ahead of the game. Would you say an instrument rating is proof that the rated person is competant to fly in all types of conditions? Of course not, it means that person has demonstrated the ability to perform a set of tasks to the minimum requirements of the Practical Test Standards. They are minimally qualified to fly in the IFR system and to start learning about all that goes on in it. The rest of it takes more effort to learn safely than the rating did.
I dont begrudge all the captains the priveledge of b!tching about it, but it is the new reality. New hire qualifications keep going down and the reality is that you will be instructing/mentoring/babysitting/etc whether you like it or not. Maybe its not what you signed on for, but if you dont take the time, they wont get any better. And a lot of them really do want to do the right thing. (More or less, what the Rez said)
Any of you low-time guys lucky enough to get upgraded fast: be careful out there! I hope you were paying attention for that brief time in the right seat, and got as much as you could from the good captains you flew with.