Well said pudknocker, I totally agree. In my opinion if you want to be a pilot then go get the required qualification i.e. an ATPL.
Yes a degree will look good on the cv but so do alot of other things. Take for instance being a milk man. This tells the employer that you can get out of bed early, you can handle machinery and do the same routes day after day, perfect!
Seriously I think all qualification and experience are taken on board in the recruitment process and a degree does have merit. But if I had to choose between one guy green from uni or another without a degree who had spent the last three years instructing instead I know who I'd go for.
Personally I'd get on with being a pilot and skip the degree. Unless Daddy's paying, if so can I come too; I quite fancy three years of getting up late, drinking subsidised beer and taking long trips to sunny destinations. All this in pursuit of becoming a rounded person, sounds great!