This is an excellent thread and definately should be made a sticky. The information given here is very sound.
I'm currently undergoing the modular route and i think its excellent. I'm hoping to do it in 18 months or less and at the minute i'm ahead of schedule. It offers you more freedom for taking time out for yourself and also to vary your training a little bit. I can't say whether it's better than integrated but I'm really enjoying my training and I think thats what it's all about.
I have to stress that you get 30-60mins of an introductory flight before you consider making a career of flying and then if you do think it's for you get your Class1 medical. Once you have those done you can focus on your training.
I would also strongly recommend getting Clive Hughes "Guide to becoming a Professional Pilot" as it answers so many questions you will need to ask in your training and only costs about 25quid. Best of luck, happy flying.
Steve