i think alot of the problems and ive said it before is that bedroom programmers setup a company off the back of a few z80\ games and they suddenly think they can manage ppl\making games\money\pitches etc.i would say that only about 5% of these guys can actually do it successfully, they are developers at heart not managers, with no business training or previous business dealings!!!!
Being a graduate (well in the industry a year now and have been luckly enough to fast track a good bit at sega(joined at a good time) in that im getting to work on cool shit and not doing grad mundane shit, like youd’ do for a while at other companies.). I think from a graduates perspective its a great time to join the industry, hours arent much longer than any other i.t. job, pay is decent (but be warned some wages differ dramatically from place to place) you get to work on cool hardware and your one of the first to play with ps3’s :) Also means if you working on ps3 now, your gold for the next 5-10 years or the console lifecycle.