I think there are plenty of uses for Aviation based degrees!
I wasnt having a dig at BA's ...... well i was but meh! lol.
Anyhu, the orignal question was whens the best time to come out and look for a pilots job i belive.
I think doing a degree n graduating after 2012 is the smarter option. I myself have very little flying experience and have decided to have a career in engineering whilst i slowly training towards all the licences i need. main reasons for that is little or no debt, and gives me a good few years to decide if its what i really want to do ...... or if i prefere engineering.
Probs doesnt help anyone, but my advice would be uni degree all the way! :-)