Welcome
I can give you my views and opinions from the university route as ive almost completed it
In 2006 i enrolled on the Air transport w/ commercial pilot training degree at Bucks New Uni. I chose this course as i new i wanted to start flying and get my licences but also wanted to experience university life. It seemed the perfect choice.
As it stands in July 2009 im just shy of 21 am awaiting the results of my degree, have my PPL, CPL, ATPL theory exams completed and have my IR booked in for the end of the month.
The advantage (or so they say) of doing the training with a degree is that it gives you extra knowledge within the area in which pilots work. I am not 100% sure this will help at all in being hired by an airline, but i do no regret my decision to take this path. I have learnt so much about airport terminal design, airline marketing, ground controls etc that it will only help me along the road.
If you are well motivated (which i suspect most trainee pilots are) then the university path could work for you.
i feel like i could talk about my last 3yrs for hours lol if you want any more info email me
james