There are several catches to the money back guarantee for the ACE Program at Pan Am. In order to qualify for the money back guarantee, in addition to the ACE program, you have to do Pan Am's CRM training course and the multiengine time building course. If you don't have your CFII or MEI ratings, you have to do those at Pan Am as well. Then, once you have complete all the above, including the ACE program, you have to build up 800hrs of flight time whether its flight instructing at Pan Am or somewhere else. After reaching 800hrs, your 6 month period of finding a job begins. If you don't find a job 6 months from that point, apparently you can get a refund on your money.
I don't know of anyone who has ever received their money back from the ACE Program, but I'm sure its legit. Each and every airline partner Pan Am has is not hiring. The ACE program alone costs over $7,000, not including the other courses you are required to take. Its basically 30 hours of flight time in a CRJ sim along with a ground school, similar to what the airlines have. Sounds like a decent program, but I don't think I'd pay $7k, (or $1k for that matter) for some CRJ sim time. You could use your money toward other things such as multiengine flight time, etc. Plus, if and when you make it to the airlines, you will get PAID to attend a ground school and to learn the systems. I'm not sure why someone would pay thousands of dollars to learn the systems on an aircraft they might not ever step foot in.
Hope this helps!