T-Prop, not really sure where you're coming from, the vast majority of large European airlines have cadet programs in place, they work well, Air Lingus, BA, Qantas. I could be wrong but I think BA's CEO is a former cadet. Take it from the poster below, there is fierce competition to be accepted into the program from the beginning, maybe similar to military aviation training?
Where I'm coming from is that accident and others over there that are similar.
You mention Asia's ab initio program. I met an instructor that flew in China for a gov't ab initio program. Their student pilots have to fly back and forth on an airway to do all of their maneuvers. No deviation is allowed. No VFR flying is allowed. Great way to learn how to deviate for weather, practice lost procedures, unusual attitudes, you know, learn basic pilot skills...
But that's OK, because they have to have an IQ of 180 just to be competitive for the program.
Wasn't BA the airline that flew a 747 on 3 engines across the US and Atlantic? Management made the decision for the CA to continue. He clicked his heels and of course, they ended up short...
Moving on,
There is NO substitute for experience; ab initio or otherwise.
Passing a 121 checkride at 300 hrs does not magically grant one the wisdom and experience of 1000 hrs of instructing, flying freight/charter etc.
However, you will see their heads swell. Listen to a typical conversation b/n spike-haired-don't-need-a-razor-mommy-bought-this FO's in ORD.
"Dude, it was off the chain... it was like 200 and a half... it was like wow..."
...then notice their stickers on their flight bags as they walk away.
When the routine of 121 flying leaves it's intended path, the 300 hour wonder turned 1600 hr CA is just starting to learn how to make decisions with 70 pax in the back. His safety-net has 300 hrs. His role-model growing up was a 2,000 hour CA, who talks on his cell-phone through push-back and taxi-out, then plugs his I-pod in during the climb.