If you are still confused email me with any questions, Speedbird! I work for one of the ATPL schools (the best one, of course) and have recently completed the (JAA) course. Email address is in my profile.
Foghorn is basically right, though I have to correct the point that airlines don't like modular courses. This was the case under the CAA as they were not approved, but now all courses are approved any full-time course is treated equally. The prejudice he said will fall away has already fallen away, as shown in the BA Citiexpress requirements for example.