Darth,
While the market is slow and too many IT people.
according to a survey the specific job demand by the end of year 2003 will be huge.
I mean i'm also doing a course in the IT degree, and being in the market i know that it's not at all up to date.(of course it's important).
In the software scenario the name of the game is to specialize and continue upgrading to the everchanging IT demands.
For instance due to the socio-political scenario in the given times with threats to prospering organizations (besides the corporate threats) will heavily emphasize on security, networking and ofcourse rdbms.

We have to continuosly keep looking around to see that we don't turn into some white elephant , just stay versatile.

Tarry