woodydcfc,
To be an instructor i think you only need the CPL exams.
However, if you want to become an airline pilot you will need the ATPL exams. The material covered is more or less the same but the subjects are a little more split for exam purposes.
Thankfully, JAR theory has settled down and schools are now doing well with it. If you go down the ATPL road you have 3 years from the last exam to get your CPL and IR which will give you the frozen ATPL.
I don't have a crystal ball, but i would say that potential/inevitable war on Iraq won't help the industry and if jobs are going, right now, its "who you know" not "what you know" that'll get you a job.