I know this was answered already, but I wanted to reiterate that the program is brand new. Went live at the end of December.
The program is based on three years. The first two, you'll achieve the benchmarks. The last year is the UPS mentoring phase. We have three pilots in the program right now and they are already in the mentoring phase since they've been with us and reached those benchmarks already.

Hope that helps!

What are the benchmarks that one has to meet? I am assuming a specific number of flight hours and some type position other than line pilot?

Correct. While in the program, you'll have to get ATP qualified (AMF pays for ATP/CTP course) and type rated with 1,000 hours of Turbine PIC time with us. They also want you to become one of the following - Check Airman, Instructor, or other management role. They also want you to be a mentor to our ACP pilots. In addition, they want you to have leadership training and volunteer service. They'll also give you some reading assignments.

Will y'all be doing any recruiting events this year?

Yes, we have quite a few lined up and will be adding more as the year progresses.
Women in Aviation
Mt. SAC Career Fair
TCC Aviation Job Fair
Van Nuys Aviation Career Day
ERAU San Diego Career Expo
ASCA Conference
EAA Airventure Oshkosh

https://w3.ameriflight.com/whats-happening/
This site will be updated as we add more.

Let me guess, they also want a 4 year degree?

Not a requirement, but of course they'd like to see one.

They would still likely come into the ACP program to get the hours to 135 minimums. For our restricted captains, you still need 50 hours minimum in the aircraft before moving to the left seat.

How does 600 total time and only a few ME hours work for getting hired?

Your TT would have you qualified for an EMB120 First Officer position.
Here's the full list of flight hours required to be hired on for one of those positions:

500 TT, 25 ME, 100 XC (defined as point to point), 25 night, 500 PIC, 75 instrument

Hope that helps!