I'd say that the people who are really successful with journalism degrees would have been successful in any field. Smart, engaging, well-rounded people who just happened to choose journalism.

I think that's a lot of the kids at Scripps.

As for people like me who largely went into the profession looking for a traditional newsroom experience and don't posses any outstanding skills/perspective/writing ability, it will be a long, uphill battle. 

But I think that's the case with all but a handful of majors in this next era in America. It's not just journalists who will see their jargon become a dead language.

Interesting stories I heard on the NPR Morning Edition this morning

http://www.npr.org/2011/05/16/136214779/college-student-debt-grows-is-it-worth-it

http://www.npr.org/2011/05/16/136276157/college-students-navigate-financial-life