From my experience and what I've heard on the grapevine:
a) Are there any advantages about this course?
A degree in Science. You are 'forced' to complete your training and not let it drag on.
b) Will a potential employer care if you wave a piece of paper saying you have a degree on it?
Airlines, maybe. Anyone else, not really. Any degree is never a waste of time.
c) Are there any disadvantages to this course?
I can't think of any. Friends that have done the course haven't said anything negative. But they are in no better position than myself and I didn't do the course.
However, I believe you can only do the flying with a couple of training organisations. I am pretty sure RQAC are involved, but Redcliffe Aero Club are not.
d) Will it put me in good steed with the aviation community?
Rumour has it Qantas/QLink will be wanting all of the successful graduates who started this year onwards.
e) Will it take more money out of my pocket than I really intended?
Yes, but that shouldn't bother you because either your parents will pay or the government will (HECS or fee help or whatever it is called).
Take what I say with a grain of salt.