Biz,
WWW's and my advice may differ in emphasis, but essentially we are saying the same thing, and have been since 11/09. If you can delay your entry into training to achieve a graduation at the earliest in late 2003, we would recommend that you do so. We say that so that you don't end up spending too much money maintaining currency etc in what will still probably be a difficult market.
That's not to say that it will be impossible to get jobs before then, but you will for a while be in competition with experienced pilots laid off by Virgin, bmi, Gill, etc. Not ideal! WWW makes a big thing about the number of Wannabes backed up in the system due to the rapid closing of the door in September. He's right, but your date of graduation does not give you priority at interview. In other words, if experience is not a factor, all fATPL-qualified candidates will operate on a level playing field, so you are as likely to get the job as the guy who graduated last summer. Your task is to ensure that you are the most attractive prospect for your future employer - ie you get invited to interview first. That means not failing any exams or flight tests, researching the market, and equipping yourself with as much knowledge as possible. If you can aim that high, go for it now.
It will be very tough for a while but, as always, there will be some winners. For the vast majority, though, a delay would be prudent.