DE727UPS....I agree with you that real world experience is extremely valuable. But it must be RELEVENT experience. BY FAR the most dangerous people I have flown with are the ATR transition captains. These are all folks with thousands of hours of turbine 121 experience, but dudn't have a clue what they were doing in the jet. Why? Because their previous experience what not relevent to their current environment. That is the same reason why the straight CFI's usually struggle. Their experience in 172's does little to prepare them for the ailrine/jet experience. It is also the same reason why the ASA Dirct Track graduate does well. Before you blast away, I did instruct for 1 year and did not go in as a 200 hour pilot.
And for those of you who think the interview process is watered down....you have no idea what you are talking about. I had to have my application selected by FSI and ASA from a LARGE pile of applicants, pass an FSI interview, then go to ATL for the ASA interview given by the same hiring captains as the regular interviews on the same days. I was asked all the 121 reg's questions, all the "What if your captain" type questions, all the HR questions etc...that all the "regular" applicants had to answer. How do I know this? We all went out for lunch afterwords to talk it over. And trust me....it was a "pressure cooker" in there. They expect you to convinve them that you deserve the opportunity.
As far as the checkride, yes it is after the training, but it is a MUCH more difficult ride. It is not your standard fly this heading and airspeed. Climb and descend, 1 ILS etc... It is a full type ride to ATP standards to pass. It includes full approaches, both single and double engine, engine fires, single-engine hand flown non-precicion appraoch, holds, missed approaches, rejected landings, 20kt crosswind ldgs, emergency evac, visuals, etc...It is very thorough. You mess up on any of it and you fail. Is it easier having flown the sim previously....yes, but by no means is it easy. Oh, did I mention the ASA director of standards is the guy giving you the checkride and operating the sim.....No pressure!!!
This was my experience with the program. Maybe it's different now but it is excellent training. Prepares you very well for Indoc and beyond. And as others have said, you will find almost nobody at our airline who has anything negative to say about it.