I knew a lot of people that did this and a lot of people that have regretted this. I won't force you to utilize the search function as I'm sure it will pull up plenty of other "animosity" towards ERAU. Here is what i would suggest...since I did it the right wrong way...
Figure out what you would love to do as an aviation fall back and do that for a 4 year degree. The airlines love educated people, but be educated in something BESIDES aviation. I have a hard time talking about much other than flying but I've recently decided to pursue architechture more since it was my fall back career. This part will make you much more rounded.
Second, as far as the aviating is concerned, find yourself a flight school and instructor that is decently oriented towards making you a professional and hold YOURSELF to professional standards. I can recommend a lot of good books to help you down that path. "Flying the Wing", the book that Doug recommends all the time (help me out here), Aerodynamics for Naval Aviatiors, my favorite Stick and Rudder, and any number of CRM related texts that I'm sure you could find at any major aviation university bookstore. Learn lots about weather too because it's cool.
If you want to know how to fly like a professional, ask lots of questions, be curious about everything and remember that a proper ordering of concerns should be safety, legality and profitability. Ask lots of questions around here too...we're a free source of "correct" information. Except anything you get from jonnyb he's a tool. But bottom line...is ERAU the way to go? Probably not, but neither is MAPD, Pan Am, ATP or any other accelerated school. I'd recommend tracking down some instructors who may have come FROM the ERAU program that have the background but who are not flying at ERAU. If you have a summer you'd like to kill, the flight school I'd recommend is in Prescott, AZ. It's called North-Aire...where I used to work and it'll a) immerse you in the pilot environment and b) it'll teach you to be a professional. I learned much more from the top dog there than I ever did at Riddle. There are numerous other schools out there with similar traits as North-Aire and I'm sure they'd all suit you fine.
Bottom line...you want to go to Riddle to become a professional...the best professionals are the ones that made themselves that way. Get involved in leadership, explore all your possibilities and make the best possible choices for you and your family. Ain't nothin better in this business than being happy doing it.
Happy Trails!