My problem with the 400 hour guy with high multi is that he's probably never set foot outside the academy. His lack of real world experience limits what he can bring to the cockpit.
There is something to be said for having more time and getting that time in a challenging environment where nobody is holding your hand or telling you what to do.
I'm not a big fan of pilot factories. In the end, both pilots could suck or both could bend over to give their best effort. Attitude is an important thing. And there is no substitute for experience.