Many of the 250-odd hour pilots we hired during the spring and early summer were graduates of the Embry-Riddle CAPT program.. I raised an eyebrow at that low amount of time too, but after going through class with some of them, and seeing them do pretty well in class, I can say it's possible. My roommate is one of these guys and he has done really well over the past year.
I've also seen guys/girls with a thousand hours wash out of groundschool or the Sim...
The minimums were lowered to the 250/25 for a short time, and it was all over the boards that we were hiring at that... and yes we did bring some people on property with the low flight time, but our training department are notorious ball-busters, and getting "hired" and making it to the line are two different things.
As was mentioned before, TSA is what you make of it.. not the best place, but certainly not the worst. We are privately owned, so we don't have to grow the company to boost stock price, then park planes the next month. With less than 500 pilots, you'll move up much quicker in seniority than at many other places.
I'm moving on this month, but I learned a lot during my time as a Waterskiier... just remember.. Minimum Effort!!