I agree that it's not the 1500 hours that make a pilot, but rather the quality of the time. I'd much rather a 500 hour UND, ERAU, WMU.. etc grad in the right seat than some guy who rented a 150 and did circles in it.
But with that being said, I think the ATP/R-ATP rule weeds out the guys who don't have the motivation to CFI.
Plus who will instruct if we do lower the FO minimum qualifications?