I think those "progress reports" are a very good idea for new FOs (and some street captains as Juice pointed out). It will let people know how their coming along and what they can improve upon. And, unless you just fly with a completely horrible CA (very few here at Colgan IMHO), you're going to get a report from someone that you actually like and respect (hopefully) that can help you out along the way.
I'm with you Kalyx ... no idea why we hired so many guys. The last upgrade class that went through in Dec just finished up and are on IOE/taking their fed ride. I'm really hoping that we get some good news on the Q's soon!! On that note, I'm hoping all the airlines get good news soon!!!