That's a fairly hard question without a general answer, I'm afraid.
If you do regular computer science you may get a broader understanding of programming in general, which is useful. However, you will have to learn everything you need to know about game development in your spare time, and it's a hefty amount of stuff. Lots of people do it this way, however, including myself.
Game development programs are relatively newer, and I am not sure of the quality of all of them. Or the attached prestige, if it's not from one of the big names. However, presumably you would get a better grounding in game development in particular, as well having potentially better (read: any at all) contacts into the industry.
Never having worked in the industry for a larger company, I can't really say what they are looking for.
