It's likely that the skills you'd learn as an entry-level engineer today will be mostly irrelevant to being a senior 10 years from now -- just as knowing how to write a program on punch cards is irrelevant to today's engineers.

Seniors will have to come from somewhere, but it wouldn't be through this pipeline, even if companies were still hiring at full rate for entry-level work.

For some just getting into the field, this could be a great opportunity -- if you can figure out where the puck is heading, you can skate directly there.