Good posts above^^
To add my two penny's worth. I started training for my fATPL almost straight out of sixth form with a-levels in Maths, Physics and Chem (no matter how much I hate it). Anyway I started in early Q2 2008 and finished my PPL and ATPL ground school with exams by mid December. All this time I believed I had what it takes to become a pilot and for the most part I did. I went about through my ATPL's with ease gaining an 90% avg thanks to my Maths and Physics A-levels.
But heres where it started to go a little funny. The global recession kicking in and a low prospect of finding a job even with family in aviation. Now I'm not saying its impossible. In the mean time I had applied to a well known Cadet program and had got through my first stage. With a sense of belief I went on to the second stage but unfortunately didn't make it. Now my initial dissapointment was short lived as I realized that I was better than 95% of the other applicants in terms of psychometric tests and that was the first time I went through that type of computer based one. Anyhow it was time to put the thinking cap on and figure out my next step, go and finish my hour building CPL and IR and keep applying on a hope or somehow get funding to get my own type rating after that (I'm sure everyones thought of it at some stage). I chose neither since it didn't seem right to get my licence in such a hurry and pay for my Type Rating that I feel a company ought to pay for. Instead I chose to go to University.
Why? Well, I know I'm going to be a pilot and I know I have the ability to do it but when I have time to spare due to the recession I should get something that will help me gain an advantage later on in my career. So in short its about the choices you make and the how well you manage your time. I believe that by 2012 the airlines in UK will get better (Olympics and all). So my best gamble was to wait for a time around then. I have some friends who waltzed into jobs straight out of A-levels but that was a different time. And a degree for me seems like a logical and safe choice that would not leave me twirling my thumbs.