Glad to hear our experience seems to concur. Reality is that nobody is going to sway you away from doing a degree, but if you really don't want to do one or don't have one and are starting out on the rocky road to ATPL issue then don't be overly worried. It was a major concern for me when I was at that stage. I didn't have one and wondered if that would be a deciding factor when the airline(s) was faced with a choice of candidates.
My concerns were unfounded and I am yet to find an employer who has questioned my lack of degree, although I do have a ten year career in IT behind me and a reasonable 'splash' of interesting background (contradicting a recent post by Muggs!) I feel I have developed considerably as an individual both during the time when I may have been at university and since, and that, I think is important, especially if you are young and without degree. The airlines want to know what you have been doing with your life. As long as you can point out what you have been doing that shows some development and progression, preferably achieving something that took a bit of dedication and determination then you can still be very impressive at interview (if you put it across well enough!) Completing a degree shows these sort of qualities, as does gaining a frozen ATPL, but what puts you head and shoulders above everyone else who has a frozen ATPL is the out of the ordinary, that grabs the interest of the interviewer - such as representing your country at triathlon or dedicating a year or so to saving babies lives in Africa - you get the idea?
So do a degree if time is on your side and you feel you would benefit from doing it, but don't be too concerned if time has passed you by and you are without.............
Good luck to you all
PP