I wish I had an MIT graduate for a co-pilot because he would be the only person who could explain such "useful" information like what a Reynolds number is......:-)
Seriously, I think the 1500 hour limitation is arbitrary and capricious. This whole things boils down to 2 pilots on Cogan Airlines who should not have been flying in the first place. The Captain lacked basic flying skills and the F/O lacked the common sense and ability to realize she was highly fatigued and did not meet a basic FAA directive to not fly when one is medically or mentally incapable of operating an aircraft safely.
An exemption should be made after completing a 30hour (or whatever) certification class which surveys the human practical factors necessary to SAFELY operate an aircraft under the FAR's. Modules could include things like fatigue, circadian rhythm, and required rest. This certification would need to be approved by the FAA and taught by AOPA or Flight Safety -not an airline. This course should be required to be reviewed at every re-current training event. Like most of the Part 121 carriers, FOQUA data should be reviewed by regional operators and pilots who consistently operate out of safe parameters should be called back to training and trained to proficiency.