2007 was an exceptionally good year for recruitment.
However I will say myself and all the colleagues I had gone through training with finally managed to get flying jobs last year. Although most of us had been waiting just three years for the break. However for every downturn there is an upturn so aslong you are prepared to sit the quiet years out with instructing (full time or part time) or some other GA activity to keep your flying active and current then you are likely to get there in the end.
I will also add although the majority of my colleagues (including myself) had gone down the instructing route; that said all the ones that opted for a self funded type rating instead of instructing had also found employment.