If you want to go for the UBC program, go for it!
I'm currently in it myself, and so far, it's been such a great ride. If you're hearing things about UBC Nursing being all theory and not enough clinical time, that's wrong. UBC, being a university (and therefore an academic setting), has a more theory focused (I swear, the profs are practically inviting us to apply to the Master's program in a few years), but you do get solid clinical hours. In terms of clinical hours, under the new program, UBC is on par with BCIT. As for the theory...I feel that they help with critical thinking (which is essential for a nurse), and they help to broaden the understanding of the practice of nursing. We have theory classes in ethics, leadership, policy, research and relational practice...I know they sound dry, but they are quite applicable to the real clinical setting. They are also very important background to have if you are going to practice as a nurse. The only downside about UBC's program is that it's an accelerated program, which means that they make you work your ass off.
But as for prestige...I've heard everything from UBC grads are stigmatized for hiring to UBC grads are highly preferred in the workplace. I think prestige and reputation and name of the school is what you make of it. I don't think it makes a big difference (if there is any) when it comes to getting a job--once in the workplace, you are no longer a "UBC grad', "BCIT grad" or "Langara grad". You are part of the team as a newly graduated and licenced RN.