Kookabat,
To be honest, I don't consider what you learn at university in terms of management skills and knowledge to be that relevant, airline-specific or not. With management skills, I find that you either got it or not got it. Some of the best managers I have come across have no educational background to speak of beyond year 10, and some of the worst managers had doctorate in management. In other words, having studied management does no guarantee you to be a good manager, or be equipped with relevant management-skills. If an aviation degree makes one the best sort of manager of an airline, then aviation industry's graduate recruitment would focus on aviation management graduates - but that isn't the case.
Also bearing in mind most people here are talking about the relevance of an aviation degree to professional flying career. I really don't think it would necessarily help their career - that is, even if the aviation made them a better pilot in fact.
What a lot of people seem to be saying (myself included) is that it is much better to have other professional qualifications that would lead to a backup job fairly easily if they lose their medical or cannot fulfil their dream for whatever reason. Aviation degree does not make one easily employable, and it can even make one less attractive to non-aviation employer than someone with other 'occupational' degrees such as engineering, accounting, or even commerce.
Aviation degree is great once you have some experience in the industry and 'formalise' your experience into an educational qualification or want to gain extra knowledge of the industry. Some (well, at least one) of the aviation degrees are also great for getting flying training done at HECS I believe - that would of course be very handy. If you are also genuinely interested in subject offerings of an aviation degree, then of course it would be beneficial. But if someone is doing an aviation degree purely for the sake of having 'any' degree, or if someone is trying to improve one's employability, then I believe there are better ones to do.
I find aviation industry to be very heavily experience-based rather than 'piece-of-paper'-based, and degrees don't necessarily buy you the industry experience.