What you mentioned was only partially correct.
actually it depends on how you fare.... they are now looking at uni
grades rather than A level grades, so who cares whether its easier
to get in SIM than a local uni. Being able to enter SIM, doesn't
guarantee you a piece of qualification ( i have known of people who
got stucked in SIM for nearly 5 years, failing again and again),
you still gotta use you brains and put in some hard work.
Furthermore, SIM's exam papers are set and marked by examiners from
foreign unversities, at the same standard which they assess their
own students. It's not easy to get a good honours too, so if you
can get a 2nd upper or a 1st class honours for your SIM/UOL exams
or maybe good grades in your transcripts, it sure beats a local uni
student without honours or average Bs & Cs in their
transcript.
However, of course, considering 2 same class of honours from
SIM/UOL and a local uni,of course,the local uni's piece of paper
will beat SIM's hands down, as simple as that. 
Nowadays sad to say.. its a NHNT (no honours no talk) world....
many (but not all) companies are looking for honours grads...
preferbly 2nd upper and above.. so.. for those who spend 3 years
and graduate without honours.. its still alittle lugi.
