Someone (possibly Tritogeneia, though I may have imagined that) was telling me about a study looking at the current salaries of people who'd done different degrees. They all had about 2:1s, but the one who'd done Classics was earning by far the most. So, yeah, do Classics!
I don't think Classics is particularly more respected than Classical Studies, and clearly Classical Studies from a top uni is better than Classics from a crap one. Have a look at the Classics page in a prospectus, they usually mention something about graduate destinations. Mostly, they're much like graduates in other humanities subjects, doing law, journalism, teaching, etc., though obviously there's also a reasonable proportion doing archaeology, library/museum work, and further study. Personally, I don't really have much of an idea about what I want to do. Being an academic would be so much fun, but I'd have to be really, really good. Museum stuff has always interested me, so that's a possibility. Anyone else?