I don't think this will change the industry much at all. In the early 90's you needed 1500 hours or more to even get an interview. This did not result in a pilot shortage at all. This will not increase wages because there will still be a large number of people who will still take the crappy wages that the 250hr wonder was taking a few years ago. It will also have no impact on safety because even with the 250 hour wonder, planes have not exactly been falling out of the sky. I think this is more of an "illusion of safety" than a really sound solution.
I still believe if you don't qualify for an ATP you shouldn't be in an airline cockpit. Period
Could not agree more.