I know several people who have graduated from the program, and none of them seem disapointed with their investment. UWO is a great school with a great reputation, and as pointed out earlier, London is truly an amazing city.
You can't go wrong with getting a university degree (regardless of what others will say), and obviously you need to get your licences and ratings finished as well. Yes, the program is expensive, but it is no worse than if you were to get a degree and do your training seperately.
My recommendation is to go and visit UWO, go check out Empire Aviation, talk to the instructors as well as students, and then make your own decision. Regardless of what you decide, try to go to university. You won't regret the decision and it is slowly becoming a necessity.
Have fun!
PS - The program seems pretty intense - be prepared to work harder than you ever did in high school.