A333 you've raised some good points there and I see where your coming from. My original post was just giving some more perspective to the context of a degree.
I also have to disagree with some of what you have raised. If all you want to do is fly then I totally agree with you saying a degree is pointless. A degree will do nothing to help an aspiring commercial pilot land a first job or second job.
It is if and when this pilot is really seeking this airline job that I think a degree is of great benefit. Its a bit narrow minded to simply say that all an airline wants is someone with more flying experience than the next bloke. An airline in recruiting pilots is looking for more than simply a 'pilot', as you would know there are many facets to this job simply beyond flying an aeroplane. A degree may not teach you all this but it does demonstrate to an employer an ability to learn and apply ones self to a task.
I dont see it as 3 wasted years but 3 years of study incorporated life experience delivering often a more mature and well rounded individual.
Anyway, thats enough from me this topic has been done to death on these forums best just to form your own ideas from the dozens of opinions out there on this matter!