I was a checkairman at my previous 121 carrier. Most of my OE's were 1300-1500 hour flight instructors and I can count on one hand the guys that had trouble getting through OE. I talk to friends who were/are LCA's at a couple of regionals who hire the "300 hour wonders" and they had some really scary stories to tell me. From what they told me, they had a much more difficult time bringing those guys up to speed than I experienced. What detpilot said is right on the money. A CFI who's tooting around the pattern VFR is not who we're comparing. It's about quality CFI time. I was lucky and worked at a college where each semester I had a combination of private, instrument, commerical, and multi students flying in challenging weather and airspace. That flight time and experience was worth its weight in gold and gave me a great fundamental flying foundation to build my 121 career on.
As for statistics, I think we're going to see more accidents over the next couple years from regionals who have low hiring standards. I really hope I'm wrong. I think it's going to be a combo of lack of fundamental skills, command ability, and professionalism. Couple that with the stagnation in the industry right now, and we're going to see the statistics change. Again, I hope I'm wrong.