The speculation -- and keep in mind that another SARS outbreak, terrorist attack, or war could tank this prediction -- is that 2004 will be the beginning of the slow climb off the bottom, with 2005 being the first time where airlines start to bring back their currently furloughed employees in decent quantities and 2006 being the first year they start really hiring.
By the way, SOME majors (Southwest and I'll call JetBlue one even though they missed the major mark by $4 million) are hiring.
That's what the folks who write the stuff that my advertising goes around are saying.