At 5 years out of school (2005),it was nearing the end of the dark times (bubble burst). I didn't feel unprepared for school. I felt overwhelmed by the economy (or lack of it) and the extent to which outsourcing had really threatened software development jobs in the US.
Finding good jobs wasn't about being or not being prepared. All recent grads had a hard time finding jobs in software and many decided to change directions (law school, MBA, grad school). In fact, I noticed my friends with Master degrees had much easier times getting jobs ... particularly at places like Google. So, in fact, education helped them more.
In 2010, looking back I can say that having a CS degree from a top school has opened many doors for me. I found out about a great job at a cool startup from a friend I went to _school_ with. Even when meeting new people (in a professional sense), alums from my school (and major) tend to be the most open to meeting because they recognize the value of the education we went through.