PileUp Officer,
"I would think that most employers would rather have someone with a few years of RAF Officer experience than someone with a degree...."
Seeing as that few years would be entirely in the training pipeline I don't think your statement could be more wrong, especially for some of the more high flying City jobs, good degrees from the best universities will be the ONLY thing these folk will be prepared to consider. It would be VERY hard to compete with folk like this.
I think 6Z3 makes a very good and valid point.
Now, if you had a first class degree AND a few years pilot/officer training that might be a very different proposition, but without it you would be well and truly snookered.