No, they all need at least a Commercial, Multi Engine, Instrument ratings before they can start this Direct Track program.
XJT requires the Comm/ME/Instrument, and 400 total time and 100 multi engine to interview.
Once you interview upfront, THEN, you pay the $22,500 sum to flight safety and start your training.
Here's more detailed info about this program:
http://www.flightsafetyacademy.com/career/support/course_advanced_description.pdf
Four airlines participate in the Direct Track program... ASA (on hold, not running), TSA, Eagle, and XJT.
As far as I know, at the end for your sim checkride, a check airman comes form your respective airline you were conditionally hired for. Once you pass this checkride, you start indoc with your airline.
The XJT Direct Track came around last year... the first class went through June 13 2005:
http://www.flightsafetyacademy.com/news/release.php?id=2005-06-13
And the ERJ 145 is a full motion simulator, Level D.