All other things being equal, I would rather have the guy with 1500 PIC in a HEARTBEAT. You're kidding yourself if you think 121 turbine time is hard time. The vast majority of the time its a cake walk. But every so often you have one of those days where you would rather be anywhere but in that cockpit. Thats when that PIC experience comes in handy. Its basically a case of having been there and done that. I would rather fly with a guy who has gotten into some tough spots and gotten himself out than some guy who has been flying with a babysitter for the vast majority of his time. Worst pilot I ever saw IN MY LIFE BAR NONE had 1800 hours 121 turbine SIC handflying a B1900 but only 300 hours of other flight time. That pilot washed out of training (thank god). If I had seen them up front on an airplane I was getting on I would have turned around and gotten right back off.

PS
When you say 121 carriers you are being very general. True, most regionals (which are 121 carriers) do not require a degree (a lot do and it definitely makes you more competitive). The vast majority of majors where most of us aspire to end our carriers DO require a degree.