The CS grads that I've interviewed fall into three groups:
1) They were good at Math, spent 4 years avoiding anything involving computers, and whose career goal is to find a cushy middle-management job.
2) Arrogant CV-fillers who think that their HTML/JS 'skillz' make them them God's gift to the world. Who then end up working for Big Consultancy Firm working on Sharepoint (because the money is good).
3) The rare gem, who love computers, love coding, and get usually get snapped up instantly by Google/Microsoft.
As someone who doesn't have a degree, I find the level of CS graduates from (top!) universities disheartening. I've seen people who couldn't implement a simple sorting algorithm in pseudo-code (or even explain how they'd do it!).
Things I can do with my eyes closed; you know, because I have actually read my algorithms book cover-to-cover.
The cause is clear: developers can earn very good money at the moment. It's a good career move. So it's attracting the lazy chancers who just see the $$$$$.
What ever happened to pursing a career doing something because you, you know, love doing it?