I am looking for a degree program, as I plan on returning to New Zealand some day...which brings me to my point. As a degreed nurse, you will not have to retake exams in other countries should you decide to travel. Also....some schools that provide the one year Rn prgram )(no degree) are not looked upon favourably by hospital employers. (I have talked to several HR depts in my quest ot find out the same thing.
Get the degree. While the extra time and money may ne daunting to some, one day it will be the norm, as it is in a lot of countries already.
As far as payscales go, you are also better off with the degree. (Once again, info from HR department).
My .02