I didn't want to interject into this conversation, but I changed my mind and figured I would anyways. I have probably an unpopular opinion in regards to this subject, maybe because of my own personal experiences in aviation so far. I don't necessarily see anything wrong with hiring low-time pilots, if it is done correctly.
The problem that we are having now is the quality and focus of modern training programs, particularly those schools which train specifically for RJ operations and that first regional job. Pilots today in America don't seem to be learning how to be aviators anymore. Pilots are learning to be airline pilots... how to read checklists, make callouts, understand the 121 FARs and SOPs, and fly the airplane in a specific way that the airline dictates. Problem is, that's great for normal operations and a handful of emergency situations which will arise, but not for the grand scheme of operating an aircraft, airline or not.
There are great differences between pilots and aviators. Aviators see the big picture, and know when it's advisable to stray from the SOPs to operate the aircraft safely. There are times where the book won't have guidance on what to do in a situation. Yes, experience helps here. But it matters not how much time you have and experience you have, because if you don't have the basics of "thinking outside the box" and head of the airplane deep within you from the beginning of your training, you are at a great loss.
When I was doing my training, I always asked why we were falling behind other schools in offering "advanced training", like what's offered at places like Purdue or Embry-Riddle in their transport-category simulators. Our Chief Pilot, God-bless-his-soul-now-passed, didn't want anything to do with that stuff. He wanted to create aviators, who knew how to fly airplanes and think outside the box. He was "old school", thinking that stick and rudder will always win over procedural knowledge. Yes, you must know the procedures down pat, and know your systems inside and out. But when it comes down to it, whether you are in a B777 or B-1900, you are flying an airplane, with wings, an empenage, a rudder, ailerons, elevators and engines. It's the pilots who can't revert to the basics of aircraft control in emergencies who get in the most trouble.
If our schools in the US would focus on teaching pilots to not fear an airplane, but learn how to fly and respect it at all edges of the envelope, then they'd be at a much greater advantage at a much lower time. This however brings risks with the reward. You are flying airplanes at the edge of the envelope, and that increases risk of error. But if you'd ask me, I think that knowing what the limits are and when you'd exceed them are better than flying restricted with very conservative limitations, focusing only on procedures and callouts.
I see it all the time. Pilots who get nervous when the operation and aircraft start to exit the normal shell of comfort that we fly in daily. When fuel starts getting low, it's turbulent, you have heavy rain and high winds at your destination, and options are running out, instead of thinking like aviators, pilots today close-in, get nearsighted, and shut-down. It's because they were never trained to think outside the box. To think about weather patterns, the edge-of-the-envelope limitations of the aircraft, and so on. Now, I'm not advocating taking risks or being unsafe in the operation of an aircraft, or risking the lives of your passengers. What I'm saying here is when it starts getting rough, the pilots must focus on stick-and-rudder skills when they should be thinking about options and making decisons.
I don't think airlines will stop hiring low-time pilots anytime soon. They have proven success with it at times, and have been unsuccessful at other times. Same goes for pilots with lots of flight time. Yes, experience is important. But it needs to be the right kind of experience. I think more than any number of flight hours, professional pilots of today need to have a better start in their basic training, moving on and continuing to build stick and rudder skills while learning advanced topics like aerodynamics, the physics of flight, and thinking outside the box. You can learn memory items, procedures, callouts, CRM, etc. when you get to an airline. Regardless of your flight time, you won't be worth a d*mn as a crewmember if you can't realize when it's time to revert to the basics and just fly the airplane.
There is much more to it that makes a successful low time (or, for that matter, any successful) pilot. Desire, drive, attitude, and study habits are big players too. You need to have the desire to gain knowledge at an exponetial rate. You need to have the drive to suck it up, turn off the autopilot, and fly the airplane. Get a feel for it. Turn off the automation, and revert to the good ol' scan and fly. You need a positive attitude, turning off the ego and listening to those giving you advice, good and bad. Then, you need to have good study habits, so it won't bother you to put your nose in the books on your time off work to advance yourself. The only way to succeed with low time is to not let yourself fall into the "comforts" of being an airline pilot. Forget the autopilot, stripes, flight attendants, and all that. Study, fly, turn off the automation, and work hard to be a fluid, precise pilot. Real airline pilots fly airplanes smoothly, with grace, and to exact standards of perfection in speed, altitude, and heading. You aren't a CFI anymore, where being 5 degrees off heading or 5 knots fast is "good enough." It's not, you need to work towards perfection, knowing that it is impossible to achieve, but still worth the effort. That is the hallmark of a professional pilot.
Anyways, sorry for the long rant, but this is just my take on the issue at hand. I think if we could improve how we train, and start screening pilot candidates with better attitudes and desire for success, you'd find a much better batch of qualified aviators operating in the 121 system. Same applies for other facets of aviation as well, but this thread seems to be focusing on airlines.