Everyone here has made some great arguments. While I disagree with PFT, it's REALLY hard not to look at how much one would save by doing this:
$6500 for the MEI
$16/hour of instructing an ME a/c. You'll already have 15 hours once you complete your MEI. So you'll need an extra 85 hours to be competitive in todays industry. (16 * 85) = $1360
$6500-$1360 = $5140. Essentially you end up paying $5140 for those 85 hours.
I don't even need to mention the opportunity costs (How long it would take) of instructing your way to those 85 hours, vs. buying the hours.
But to be fair, lets not include the OC and just talk about the hard facts. From the way I look at it, you are paying $5140 for those hours (I think its fair to assume that said pilot would move on to the next step in his career once the 100 hours are hit). I don't know about you, but I would gladly pay $3500 for those 85 hours of ME time. It's not only cheaper, but it saves a lot of time. Now, if the Flight schools decided not to pay their students so poorly, I would justify getting an MEI. In my opinion, both jobs are PFT, unless you want to be a career instructor. My school rents our twin out at 245 an hour, and I would only get 16 an hour? That is a joke. Flight schools paying their MEI's so low is as much of a scam as is paying 35 an hour for making someone else money. But the latter of the two makes more sense financially.
Also, you could avoid both of those scenarios and go to a school like ATP who does a lot of their training in ME a/c. But again, in a way, you are basically paying for ME time. And I'm not saying that students at ATP are PFTers, I'm just saying you can get the same type of training done in SE a/c. And I'll be the first to call myself out, and say that I'm actually considering ATP (But is becoming less and less likely). They seem to be a great outfit, but the main reason I looked into them was because of the Multi time.
And as another person on this board said, the pay in this industry is really bad. It's really hard to justify paying a lot to get a job that doesn't pay much. It would be great to rent a plane with your friends and family, but I don't have that kind of money. But I do have $3500. And I think an MEI would be a great way to go also, but your kidding yourself if you say thats a much more "Honorable" way to earn your hours. You would have to instruct for a long time for that MEI to pay for itself.
I'll admit, I have no where near the experience of any of you guys on this board. So feel free to beat me up over it. There is a definite possibility I could have all my facts messed up. So if I am missing something, please tell me. Its great to read both sides because I am still a student and still making decisions regarding training.
Also, I agree with MAS, in that this is the only time one should partake in PFT.
Anyways, I'm going to bed. Good night