Quantity of flight time to a certain extent is needed, but quality of flight time is just as important. The military is competitive in that many of the pilots come out of the military to the airlines with much lower total hours than their average civilian counterpart, but still get airline jobs (I'm speaking hours only, not the rest of the hiring process).
Within the military, IMO, transport time is therefore far more lucrative than fighter time so far as airline hiring would be concerned. Guy flying USAF T-43s or USN C-40Bs (737 typed), or USAF KC-10s (DC-10 typed) or C-32s (757/767 typed) would definately have the edge over the F-16 guy who may have a ton of turbojet-ASEL time. Not just in the hours sense, but in the operational sense too: not much done in fighters carries over to flying heavy pax airliners, nor cargo airliners either, for that matter.