I have to agree with Capt Pit Bull. I think its a very good response by him, and ties in with a number of conversations Ive had with other pilots, although there are a few things I would like to add.
I recently finished my ATPLs with Bristol (and would highly recommend them - which I think was the whole point to this post?) so that is the angle Im coming from.
I actually enjoyed studying for my ATPLs just because I enjoy learning, but I also think that my flying has improved because of the better understanding I have of the aircraft (still only flying SEP).
Flight planning and understanding Mass and Balance help a lot, I also feel more confident understanding the weather. Knowing how instruments work and understanding radio nav have helped me when my instruments failed during an IMC flight.
The communications exams are useful, although they are the CAAs biggest con. £68 for VFR and £68 for IFR, each half an hour long and feature some of the same questions!
What I would also argue is that whilst its good to understand electrics, at no point during flight am I going to produce a soldering iron to fix a failed circuit. I also think Air Law contains way to much information from the point of view of the air traffic controller, and things like having to know the annexes off by heart. Id just look it up if I ever needed to know.
I think the exams are what you make of them and like I say I found them interesting (for the most part). What worries me is that I failed POF at first attempt (got 72%), in many ways this was a good thing as I didnt understand the material, so I had to revisit it and make sure I knew and understood it.
The guy sat next to me during my course didnt even make notes during the lectures. He sat on the QB doing test after test all day, and passed first time. What looks better on a CV and is more likely to get you an interview. I just hope that once I get to interview Ive not dumped the important stuff.
That said if I'd had the time (I work full time in a non aviation related career) I probably would of hit the question bank for a couple of weeks before going to Bristol.