As a recent grad, I'll throw in my two cents. ERAU is a much more diversified school than many people are making it out to be. It is not simply a pilot mill; a great deal of cutting edge aeronautical and astronautical research takes place there, its faculty has serious street cred, it has a thriving graduate school, and has made an undeniable stamp on aviation since the 20's - like it or not. Is it a ripoff? In some ways, yes, but its all about what you make of it. Riddle is a private school. Private schools are expensive. But in comparison to other private institutions it is affordable, and the education is excellent. I would not reccomend flying on campus - it is overpriced, inconsistent, and will leave you frustrated. Excellent flight training can be had off-campus much more affordably.
Are Riddle students pricks? Yes, alot of them are, but alot of them are also very humble, intelligent, and dedicated students. The student body is an interesting mix, and you'll find discussions on campus similar to the discussions taking place in this thread. There are alot of trust-fund babies there, and they're the ones who are a pain in the ass, always talking about the brand new Cirrus that their dad bought them, etc. But just because some of the students think that their shi%! doesn't stink doesn't mean that the school isn't a fine institution. Alot of Harvard students are pricks, but nobody questions Harvard's postition as an intellectual heavyweight.
To those who say that you can't do anything with an aviation degree, they must be convinced that the only thing that one can do in the aviation industry is fly. It's no different than saying "why would you get a computer science degree? All you'll be able to do is work with computers." I have an "aviation degree" and was made many a lucrative offer from comapanies with their hands in the industry. If people can't find work with an aviation degree it is only because they pidgeonhole themselves.
Embry-Riddle isn't a flight school, it's a university, and should be regarded as such. You can go to any mom and pop's FBO and get your ratings - but I think you'd be hard pressed to find a place with as much to offer as ERAU in terms of aerospace education. I've got student loans out the ass, but I can't complain - I have a great job and recieved a great education, that's all I asked for.