What would you all recommend, specialization or not? ie. do employers value an LLM specialist degree over a non-specialist degree? or maybe it just doesn't matter??

Unless you are an international student with little knowledge of the Common Law system or law in general then I'd say specialisation without a doubt. I was considering the same question a few weeks ago and put it to a Professor who said that the general rule is that non-specialised LLM degrees are of an equivalent to the 3rd year of an LLB so if you have a good (2:1 or above) LLB then you are essentially wasting your time. And before I get lambasted by people saying the BCL and Cambridge LLM's are somewhat "generalised" then these are some of the obvious exceptions.

Notably, by specialising a student can demonstrate an expertise in an area and go into greater depth than someone doing 4 unconnected modules and it doesnt limited practice areas necessarily. For example, I recently red the Bio of a PhD student at Durham who did an LLM in Commercial law at Sheffied and is now doing a PhD in Human Rights!

Thanks S_Dimelow, what you said makes a lot of sense, and after further consideration I am leaning towards a specialized LLM. I have a keen interest in commercial/corporate law and so this is the area on which I would like to focus. I had initially considered doing a combination of other modules along with at least two commercial/corporate modules but I am now more convinced that I should concentrate solely on the aforementioned area.