When given the choice I would recommend going the apprenticeship route every time.
Not only does it allow you to earn whilst learning but the real hands on experience is invaluable. I have worked with several licensed guys who look the ab-initio route and to be brutally honest virtually all were struggling in the real world of airliner maintenance. Having a piece of paper that says you have passed exams is one thing. However, hands on experience during training (plus the knowledge that is passed on from other more experienced engineers) is priceless.
Many airline employers still look for proof of an apprenticeship when recruiting.