All these replies about how much cheaper it is are pretty academic as there is one rather important issue:
THERE ARE NO JOBS!!!
(**I don't count paying Easyjet £34,000 for the honour of flying their passengers about for a bit whilst the next sap waits in the wings for their turn as a 'job'**)
This thread was started on the 26th January of this year. So, what is the OP's current employment status? Of the people joining the love-in along the way...what is your employment status? I am referring more specifically to recent graduates of the money saving modular courses (i.e. G-SXTY etc telling us about their success in 2008 is pretty irrelevant as the jobs market is a totally different place now).
You would have to be a nutter to go and spent any amount on an ATPL with no job at the end at this moment in time (£50,000 is hardly loose change). The only way I could envisage advising someone to start training is if they were accepted onto a tagged or part sponsored scheme. The only company I know of doing this at the moment is flybe. The pick is the part sponsored Cabair scheme run annually, with the FTE MPL and Waterford schemes thrown in there too. The airline makes a contribution to your training here and hence has an interest in employing you at the end. Before anyone moans about the flybe pay/bond...you'd be £34,000 better off straight away due to not having a super dooper TR to pay for!
Traditionally, low hours recruits have recently finished their training and are fresh or still in the training mentality. Training now then hoping to potter around for a bit until the upturn happens isn't a great policy, no matter how much cheaper it is. When airlines start recruiting it will be the lucky people popping out of the training system at that time..and most probably from the airlines' favoured schools. Right place, right time etc etc.
Just because WWW cites one example and using their position as a moderator tp make it a sticky just to back up their personal opinion does not make it fact, gospel or more valid...especially when it is pretty irrelvant when considered in the big context which is GETTING A JOB! After all, unless it ends up in employment/living the dream it is a wasted £50,000 doing a modular course too.
In summary, both a modular AND integrated course would be a waste of money if you didn't get a job at the end. So, at this moment in time stay away from training unless you have a job sorted...which in all likelihood means a tagged/part-sponsored integrated or MPL course.