PDR1, could not have put it any better myself!
Whilst I agree there should be some form or recognition for the profession and skill required, a degree is WAY over the top.
Volume of information required to be remembered does not equal degree. Never mind the "academic" content of it!
In terms of recognition, I stand by my assertion of remuneration vs. academic title. The skill and level of responsibility borne by the pilot should be reflected in salary.
As others have said.. this argument rears its ugly head every now and again, but really.. if people want a degree, "pay" your dues and and get one like every other graduate? Plenty of people I've come across at work, who have gone and got degrees in a number of disciplines, all while flying a jet for a living.