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Computer Science, a popular college major, has one of the highest unemployment rates
(www.newsweek.com)
This is a most excellent place for technology news and articles.
You're dead on about the 5% of what you learned thing. I'm on like my 20th tech job and pretty much every one has been different. What I learned in school has applied to only the most basic aspects of any of those jobs. Everything else was learning as I go and just generally understanding how PCs and software work. I have done fairly well with upward mobility (currently about as high as I can go without taking another leadership position) but I had to bust my ass to do it and it was only because I always stood out because of that so I would be first choice. There were never enough promotions/mobility to go around to everyone that was deserving.
If you talk to people who went to different schools you quickly realize that its all different. I spent a lot of time learning antenna theory, Cisco networking and really out of date system admin, while on the other side of the nation my future co workers where learning soldering, cable terminology and text based HTML.
I was on the college board of governors and the thing I learned is that no one knows what computer science even is. Sad part is that it was the same for a lot of the subjects taught.