There's already some great advice about why or why not to get your Master degree now.
However, the people that are suggesting that this is a poor market to get your first job are wrong.
First off, hiring is not down that much (and in many instances it is up)
http://finance.yahoo.com/career-work/article/107040/Bright-Spot-in-Downturn-New-Hiring-Is-Robust
And I speak from experience, I finished school in early 2002, during the previous IT downturn.
You might not get the same starting wage as someone did 1 or 2 years ago, and you might need to relocate, but when the market takes off again, you will be much better positioned to get a better job (either in an area you care about more, or something just for more money), if you have 2 or 3 years of experience, vs. having a Masters Degree.
My suggestion is, regardless of whether you decide to get a Master's degree, get an internship or a Co-op over the summer. Especially if you decide not to get your Masters. Even that 1 summer of experience will help to differentiate yourself from any other graduates that have no experience.