For most of the older people here, 350 hours was when you got paid your first dollar as a professional pilot...it also marked the beginning of 2-4 years as a CFI, followed most likely by night freight.

Basically it seems to me like things will be back to historical normal for a while. The industry is normally cyclical and the downturn is a good time to prepare yourself to take advantage of opportunities in the eventual upswing.

DE is correct that higher minimums will weed out non-comitted entitlement types...admittedly, I'm looking forward to it. In the long run you will think it was worth

An FE rating is unlikley to help you unless you later work for a cargo company which flies old, large airplanes. But if you have time on your hands, go for it.

Discalimer: This oil business is uncharted territory. If it doesn't come down soon (or we don't develop suitable alternative aviation fuels), many of today's airline pilots will out of the industry for good, and we will not see hiring for decades. Pay attention to oil and alternative fuels...that will tell you when and if to get settled into that cubicle.