You could definitely get onto courses with a few Cs. As opposed to my law school which required AAA (when A* didn't exist). In those circumstances clearly the course with people who got Cs are A level aren't pitched at the same level as for those who got As. But anyway, then you have the same for sociology courses... so you have the waste of time end of the scale, then at the other end you have the LSE. Would you rather employ a Birmingham City law grad with a 2:i or an LSE sociology grad with a 2:i. I'd suggest it'd clearly be more sensible to employ the latter.
Obviously failing would be rubbish. I'd question where the first is from, of course... it's not as though all firsts are equal. A 2:i isn't the same everywhere, etc.
The point was just that a 'Mickey Mouse degree' isn't necessarily as bad as people like to say, whilst a respectable sounding one isn't necessarily as good as people like to say.
On first glance probably the LSE grad, although I would add more weighting to the Interview + Application. Going to a good university and getting a decent grade doesn't always equal good characteristics in other areas. I went to a top 6 (in the UK) uni according to the league tables that is. Shame they are highly dependent on entry grades which doesn't really say much about exit grades (only prestige attracts higher achieving students).