In the current economic climate this really could be worth it for a graduate. You may be punching below your weight but your starting off your career at a blue chip company which is never bad.
The work definately isn't boring and you'll be playing with kit that you hadn't even imagine existed. But that means its a huge learning curve when you get here and there will be a lot of training to do but its a challange.
The college courses challange a lot of people fresh out of doing A-levels but again support is really good on that too.
Thing is a lot of employers look for experience in the IT sector and not just qualifications, so even if you do this just to get your foot in the door the possibilitys for moving after the course are endless (hopefully we're out of recession by then).
TBH if you havent been in employment or education for 3 years your too old to be applying for an apprenticeship. Companys tend to favour young blood for apprentices.
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