Hi Jeffrey,
One of my parents' friends was a BA training pilot who used to help with the selection process (for the scholorships, not direct entry as far as I know).
He would heavily penalise people who were acedemic high flyers because they are more likely to get bored with flying and leave for more stimulating jobs - costing the airline a lot in time in money whilst a replacement is trained/hired.
He would also look for concrete evidence that the applicant doesn't mind hanging around not doing very much. This was because the training involved large chunks of sitting around at airfields and, again, people with high class degrees would often leave because they weren't getting enough stimulation.
Sitting for hours at a time on autopilot also tended to wear down those who were academically curious.
So whilst you may need a certain level of qualifications to get an interview (i don't know what the general level is at the moment) they aren't looking for a genious. It's more personality and aptitude that they're looking for, even in today's climate.
Mr S
(edited because I spell like a 3 year old
)