I would think hiring should start happening in middle of 09. The majors will soon be needing pilot with massive retirements schedule over the next couple of years. I would bet by 2012 the majors will be running a windmill hiring operation. But whose to say, the economy will dictate the future of most of us. If that happens the regionals will go through a shortage like they did this past year. I also think some are fed up and leaving the industry all together.
keep your head up because better days are about 1 year away. But if one majors falls then forget it, then it will be time to look for a new career.