Yes supply massively outstrips demand for engineering graduates. Of my Mech Eng class most ended up in IT or banking. I estimate my salary now is at least 2x what I could be making as an engineer, and despite the economy being down at the moment I feel a lot more secure with my IT skillset than I would if my entire industry was in systemic decline.

I do wonder tho' if one day someone, a government or large corporation, will initiate grand engineering projects ("let's colonize Mars! Right now!") and I'll be left out for having abandoned the "true path". Nah, never happen.