I think the "Up or Out" policy is a good one. It prevents airlines from having tens or even hundreds (everyone knows which airline I'm refering to) of FOs that remain FOs because they're incapable of passing upgrade training. Competent FOs have nothing to fear from such a policy and as far as I've heard pilots having trouble are given ample help to make it through.
You must be feeling even more miserable about yourself this evening.