I'm a modular student, so here's my opinion. Obviously bare in mind I have no experience with recruitment or working in the industry but before I embarked on training I wanted opinions from pilots, recruiters and current students so I assume you're the same.
I chose modular purely for the cost, if I had worked for another 4-5 years I would have been able to pay for integrated but I didn't see the need to pay double the dosh for the same license, the examiners all work by the same checklist.
The route will go well for me because I'm taking my time with it. I'm allowing myself to fully prepare for all my exams, I recently delayed my ATPL theory by a month as I felt I needed more time on it. Same will apply with my CPL, I can make sure I get those first time passes by going at my pace.
Something that really appealed to me also was in the case of another recession or the industry struggles further, I can stop my training at any point, go work and come back later and carry on. I'm considering delaying my training by a year after my ATPL exams because 2012 doesn't look good, from what I see. I'm going to re-iterate that before somebody quotes me and then publishing their figures and telling me I'm too optimistic or pessimistic, from what I've seen. I know after 2012 that doesn't mean happy days again, I'm very aware of the industry.
I'm lucky in the sense that I'm very young and eager to explore all types of flying. I'm not interesting in RHS of a jet out of training, I'm thinking of instructing but would really like to fly single pistons or turbines for a while. It's a dream to get my hands on a Cessna Caravan, love that aircraft. Modular would allow me to do this at a much cheaper cost. I have no rush to earn a decent living, I have no family. I can enjoy what I've loved for years at my own pace, flying.
If you're older and/or want to get a RHS job on a turboprop or jet then that's still possible with modular, but you've probably got more of a chance if you go on one of these airline cadet schemes through one of the big integrated schools. I wouldn't embark on an integrated course without being part of a cadet scheme purely because I think there's more to get out of an integrated school for the same money with a cadetship.
If a school guarantees you a job, just don't fool for it. Don't fool for it one somebody says integrated students are better than modular pilots - I've seen very good modular and integrated pilots and also some that make me cringe from both routes. Integrated doesn't make you look more dedicated, the uniform with your personalised name badge doesn't make you more attractive to airlines. Demonstrating passion, the correct positive attitude, willing to be the best pilot you can be because you genuinely want to be a good pilot and not because of your ego is what will get you a job. It might not get you a job for years, but you'll get it regardless of your route. I disagree with anyone that says otherwise. You'll have to work for it, sacrifice for it, possibly move around the world. Eventually, you're job will come.
It really depends on your situation, the money, your age (ie if time is on your side or not) and most importantly what you want from flying. If you want to make a career out of instructing, decide what route is better for you. There are many ways to skin a cat, everyone will have their opinion on different methods and I chose my route of training based on the above.