When everyone was hiring with reduced minimums Lakes was having a hard time attracting pilots. Heck, i remember before i got my current job, they wouldn't even look at me, then the hiring began everywhere, and they were taking anyone. Right now, i don't know how many furloughed guys would be looking to go there. The principal is good, as in quick upgrade, turbine PIC, move the heck on. But, everyone will be feeling the slowdown eventually, as someone else stated, there's nowhere to move onto, however, when hiring starts,i'm sure the upgrades will drop to nothing again.
Also, i don't know how many former 121 guys are looking at lakes, cause it can be difficult to make ends meet at 23/hr...imagine trying to do it 16....plus, when a new CA, you'd be making less than a 2nd year jet FO at many places....which could be a big drawback...the plus, you're logging time that actually counts towards something, unlike the jet FO.