No it sounds like a lousy deal, however I live about 30 minutes drive from Kidlington so I could live in my house with my wife, rather that in some cr*ppy study bedroom where your neighbours play bad music too loudly
I understand from "senior sources at BA" that whilst Oxford might not be a requirement any more, it would certainly count strongly as one of those magic ways to make your CV look attractive compared to the several thousand other wanabees he might be considering. I am quite willing to believe it is treated as just another license by the majority of other airlines.
Speaking as a more "mature" (

) wanabee, the main consideration for me of an integrated course is timescales... I could finish an integrated by say 36, but trying to run my current career while doing an modular would probably make me nearly 40 before I finished my ATPL.
Or maybe I should just open a grocery shop