From what I've seen, I agree about some of the grads being fantastic - the types who could have been extremely successful in a traditional college CS path if they had chosen. However, these are few and far between, the exception to the rule. Most (again, from what I can tell) really struggle, and don't have what it takes to succeed in this field (be it lack of genuine interest, focus, curiosity in technology - whatever). Add to this the fact that every company has had the "only hire the best; hiring is the most important thing in the world" mantra beat into their heads, and suddenly all of these would-be developers are far from employable. I routinely see and hear of entry level dev jobs (at small mediocre tech startups) getting over a thousand applications per role, and they reject all of them.
