Personally I wouldn't worry too much about the reputability of where you go to study. I spent AGES trying to decide between conservatoire education or university, I'm now at the university of surrey and I'm glad I picked it as I'm really happy here.
Truth be told, those who study at conservatoires do seem to get the best jobs, I was looking at some of my lecturers credentials the other day and they've ALL been to a music college at some point, but not neccessarily at undergraduate level, more commonly they've studied a good uni like York and then gone on to do a postgrad at RWCMD or somewhere. I think if you go down this route then you get the best of both worlds, a good broad university education and a more specific conservatoire education.
I didn't plan to do anything much past undergrad level other than a PGCE or something but I can see the benefits of a postgrad degree at a good conservatoire and its definitely something I want to look into.
In response to olivia's post, me and my mate Ellen both started uni this year, she's at the royal college in london, I'm at an actual uni.
I get about 11 hours of lectures a week (and then about 8 hours of rehearsals on top of that), Ellen only gets 3 hours of lectures per week at RCM. I get 15 hours of tuition on my main instrument over the year (1hr per week) Ellen gets 20 I think, but is actively encouraged to take up a second instrument and will receive subsidised tuition on that, (don't quote me on that!!) However at surrey we have to take compulsory piano lessons in the first year with emphasis on accompanying others, improvising an accompaniment etc (music teaching skills it reckons) whereas El doesn't have any of that.
She literally spends all her time practising (they have practice rooms in their halls of res! how cool!!) and does 3-4 hours a day. I do 1-2!! But should be doing waaay more, I just haven't quite got into the swing of things just yet!