As someone who entered the work force in the shadow of the dotcom bust, I think the biggest piece of advice is that people who have only lived during the time of the "Great Bubble" don't have advice much to give you.

Entering the work force now or in the next few years, a new grad will very likely have an easier time navigating the job market than people who have spent nearly a decade working for bubble-frenzied, VC backed companies.

In the years following the dotcom bust I new tons of software folks desperately trying to reconfigure their careers. It's not hard for a fresh grad to change course, most people don't end up working in a career that is directly related to their major.

Entering the work force will be harder and harder but new grads will have less expectations and bad habits they have to overcome to find an occupation that works for them (they also won't have no-longer-reasonable comp expectations).