Here's what it comes down to...
You have this magical "1500 hour minimum". Let's look at some stereotypical pilots for the discussion who will apply for jobs at the magical minimum (which in my mind is alot like car insurance dropping when a guy turns 24).
You have pilot A, a 1500 hour military pilot. A 1500 hour military pilot has survived an education program that a) is designed to weed people out and b) is the product of a highly regarded training program.
You have pilot B, a 1500 hour pilot with a professional Aviation degree from a top-flight Aviation University like Purdue, ERAU or UND. These individuals aren't from a program that "weeds" people out, but you acquire a huge toolbox of aviation knowledge that is not purely GA-centric. For example, at Purdue, in the 2nd two years, you study the intricacies of bleed, hydraulic, fuel and electrical systems, advanced/long-range navigation, powerplants, high speed aero theory. Now, I was once a 500 hour wonder, and the only FO in class with 6 Captains, who I have high regard for. Who was explaining the back systems? Me. Merely because learning to pass an oral and information on how stuff works, and what it is, has no bearing on most classes. In addition to the technical stuff, you have in depth study (usually by the individuals that write the books you buy to study at home) on physiology and Human Factors as well.
You have pilot C, a 1500 hour pilot from an "academy", which typically is a non-accredited school that takes large checks from people and kicks them out in 6-10 mos. The pilots are kicked out with little more than minimal knowledge than what's required for the ratings, then kept on as CFIs until placed with an airline that has a bridge course. (I will say, FlightSafety Vero and PanAm turned out excellent folks).
You have pilot D, a 1500 hour guy that came from the FBO/General training route. You could have an individual that has had excellent training by excellent instructors, or someone that learned to fly at Bob's Fly and Fish. Unless you know the specific FBO, you have no idea of the quality of that training.
While you will not hear me argue that experience is a bad thing, you won't hear me say, with the current system for primary training in place, that a FBO guy or an "academy grad" is on par with an equal time military or university aviation grad.
If you had to choose, and all your candidates from the civilian sector had time as a CFI and flying 135, you can't tell me that they are equal.
I'm not saying that the person that learned at the FBO isn't a top flight pilot either, but in a quick call like an interview, there's alot of information to garner whether that training was quality or run-of-the-mill.
The "academy" grads...hurmph. Sorry, they spent too much money.
As for the 500 hour college guy vs. the 2000 hour FBO trained freight guy, I'll agree with ATN. There is a tradeoff to look at.
Excellent stick and rudder doesn't necessarily make you a great airline pilot (from the perspective of systems knowledge, management of the cockpit, or other duties that are typically not trained in the GA sector), and being a 500 hour wonder with a large bit of academic knowledge but little practical experience doesn't guarantee a great airline pilot either.
Just remember, this low time pilot stuff has really only happened twice. Once when the big props were replaced by jets, and then when the commuter props were replaced by jets. Other than that, civilian pilots typically had a solid academic background, then gained practical experience, only being allowed access to the crappiest airline jobs after becoming a well-rounded pilot.
Which brings me back to the importance of a solid academic foundation (as it's been pointed out, why pay lots of money to learn to fly? It's the advanced knowledge and theory that's important for the academic background) to make the practical experience more relavent and preparing a well-rounded pilot for a career [series of jobs today.].