Let me lay it out for you from an insider's perspective. It is somewhat true that all that matters is your hours. Of course, you will need at least 3000 of them in today's economy with 1000 multi to land an interview with a quality regional. Or...you could attend DCA and land an interview with 1000 hrs and 100 multi. That's at least three extra years of your life you will spend looking for time and building it if you choose the FBO route, not that there's anything wrong with that, depends on your situation.
However, both of the above posts are true.
1. It is much cheaper to get your ratings elsewhere.
2. You will have to deal with a lot of crap at the academy:
a) Spend more than you expect, although their quotes are pretty accurate for an intelligent, motivated student.
b) Syllabus not tailored to your needs.
c) Put up with TERRIBLE management with a few exceptions.
d) No control over your schedule and you won't know what you're doing the next day until the evening before.
e) Low pay as a CFI, $10/hr for flight, sim, billed ground time. No pay for paperwork, cancelled flights, etc.
So, that's the crap everyone talks about. As Bobby said, many students tire of the BS and leave. However, it is my opinion that if you are reasonably intelligent, motivated, easy to get along with, and can afford it or choose to incur the debt, the system definitely works. I am now at Comair and hundreds of my peers from the academy are either here or at other regionals. I love my job and my life at the airline and am extremely happy about my choice to attend the academy despite the frustrations I had to endure at times.
I have many friends who left the academy for the FBO world who are now sitting at 2000 hrs, trying their best to land a job flying Navajos, Barons, etc. A few are hopeful of a regional job ONLY because of connections they made at the academy.
This could all be different in the next couple of years. If there is a turnaround in the market and another hiring frenzy begins, 1000 hrs of FBO time will be just as valuable as 1000 hrs of academy time. Right now, that is just not the case. Anybody who disputes that is full of it. So...as it stands today, DCA is a better choice than any other school if you have the money and the patience.