Pros
Hatchways is an excellent way for new software engineers to break into the industry.
I graduated, did the work simulation, and had a job within two weeks of completion.
Yes the work simulation takes time... you are basically an unpaid intern for the week or two that it takes you to complete it. But for someone with no experience trying to break into the industry... it is WELL worth it.
After you've finished the program the team at Hatchways will work relentlessly to find you employment. They will send you to an endless stream of potential employers and won't rest until you're hired.
Cons
I still don't believe Hatchways themselves are actually looking to hire. If they are, they have extremely unrealistic expectations for what an entry level Jr. Software Engineer should be capable of. That being said... that's not what matters. Just go into it with the expectation that they will find you a job once you're finished with the work simulation and you will have a great time.