I don't think there is one answer for everybody. It depends on the person.
How old are you? Have you spent time in the work force after high school or done post secondary education already? A little maturing one way or the other helps. If I would have went right into flight training out of high school, I'm pretty sure I wouldn't have been ready for it. I needed to grow up a bit and learn how to learn.
If your right out of high school, a diploma may be good as it is more structured. It's also easier to get student financing in diploma programs.
If your more mature and good at self motivating a good ol' fashioned flight school may be fine, and a little more affordable. In the end it's the same thing on the piece of paper.
Having said that, beware. There are flight schools and
flight schools, as well as college programs and
college programs . Many people fail to do reasearch before they commit to a place where you are going to spend tens of thousands of dollars. Beware of any place that wants you to lay down 20, 30 or 40 grand up front. Even the most reputable of the colleges are only looking for a semester at a time. There may be an advantage of laying a few ground on account, maybe you get an extra 10% value at some places. Never give anyone the whole wad.
Too many people, especially younger folks, make up their mind they want to be pilots, get suckered in by some slick talkin' sales folks, and lay down the wad. If you happen to still be a student when the ship sails, and it will eventually in those operations, you are screwed. Ask some of the unhappy students at ATI in Toronto or ACA in Halifax a few years ago. Many out tens of thousands. Some people on this board have personal experience with operations like that.
There are some organizations that do both types of training, diploma and license by license. If you go in there license by license you still benefit from the fact that most people there are studying and progressing on a structured environment. They may have better resources. Do your research.
I went to MFC in Moncton. Most of their students now are diploma, I wasn't. Very professionally run. Should be, they have been training professional pilots going on 80 years now. I am biased, and I make no bones about it. There are other quality operations in other parts of the country. However, if someone came to me here in Toronto, and said my son or daughter wants to go be a professional pilot, right out of high school, first I would tell them to apply to Seneca and Sault or another reputable Diploma. If they don't get in, try getting out of the GTA, and go to a quality professional program, whether diploma or not. BTW, Moncton has a very low cost of living if you want to train full time.
I intructed at MFC and then did some instructing in the GTA. I could't believe some of things I've seen, where students changed schools in the GTA because they had been seriously screwed by other area flight schools. Some are completely crooked IMHO. More than once I've seen 100+ hours, haven't soloed. Or 150+ hours, no recommend for a private flight test, and these students were full time. If the student truly can't get it in that kind of time, do the honorable thing and tell them flying is not for them. Don't keep stealing from them. Some students who are not Canadaian citizens really get taken for a ride because the school will hold it over their head about the student visa and being able to stay in the country. They get held captive.
DO YOUR RESEARCH. Visit, talk to instructors, talk to students. If you know pilots, ask where they trained, or places they know have good programs. Don't lay the money down at the first place you walk into without comparing.
), what is your opinion of these two possible routes? What did you do? What do you recommend in THIS day and age in order to best nail the first job, and then eventually move on up through the ranks?
, got hired 
, have had a great career through some very difficult times 
, and can't see my lack of an aviation diploma ever holding me back (I do, however have a University Degree-non aviation). I know what I would recommend, and why, but I'm probably a little biased for more than one reason... 
