My experience is that a good integrated course, at a good school, will turn you into a package tailored for the airlines. As has already been hinted, the school's real customers are the airlines, not you. So a good school will research what the airlines want and make their product (you) fit that specification. This is the case even more for the airline specific schemes, which means the customer gets a known product to a known standard. I think that this is why it is said that you have a better chance of that elusive first job if you go through a good integrated course.
Fact is, this extra input etc means that the course costs a hefty load more than a modular route. For this reason alone, I am so far following a modular route myself. I know it makes the route a lot harder, but I still believe it's worth it. Where there's a will there's a way. I'll be the best I can be and work bloody hard and hope to in the right place at the right time.