It's actually a lot rosier on the CS side in my experience. I got my PhD from a middle-of-the-pack school (i.e. not CMU, MIT, etc) and received a tenure-track job offer (at a 4-year liberal-arts college) before I had defended. After working as a professor for a few years, I have decided to go back to industry, and have been besieged with job offers. My understanding is that hiring my replacement is turning out to be difficult because there aren't enough people with PhDs who want to be teaching-oriented professors.

Basically, right now, a CS PhD can find a tenure-track job if they are willing to broaden their search to include non-research-only professor jobs. Of course, this should not necessarily inform whether a person should get a PhD in CS, as it takes 4-6 (or more) years and who knows if this will still be true then.