The IT industry is shrinking and this is by it's very nature. Sure the dot com bust plays a part but that's only a small part now. The very idea behind computers is to make things work faster and more efficiently. People think this is only on the user end but that's not true, it's also working the same way for those of us that build, repair and maintain computers and networks. The fact is that it's taking less and less techs to do more and more work. It was slim pickings eight years ago when I got my job in IT and I had to beat out nearly 100 other applicants for it. That was when the economy was in great shape.
We'd like to blame it on the economy and say that IT will bounce back when the economy does but the fact is that it won't. One network administrator can now do the work that, ten years ago, would have taken five people to do. It's the same with PC techs, since it's no longer cost effective to actually fix anything any more. Parts are so cheap that they're simply thrown out and replaced or warranty returned to the manufacturer where they're thrown out and replaced. A company of two thousand employees that spans three states, such as the one I was recently laid off from, no longer needs fifteen PC techs to keep up with all those users. Instead, most work is done over the phone now by about six guys. If it can't be fixed via remote desktop or netop, they simply ship a ghosted machine to the user that any drunk monkey can plug in, which is then configured remotely if any configuration is required at all. Put the old one in the box the new one came in and ship it back. Installing a new printer? Insert tab A into slot B and call the help desk to do the software install. Fifteen minutes on the phone and it's ready to go. When the economy does finally recover, these companies MIGHT hire one or two more people, MAYBE, but don't bet your future on it.
Glory? The only thing that I think could possibly be construed as glory is this idea that non tech people have that since everything is computerized now that there will always be high demand for IT people. The fact is that a CS degree, A+ certification and nearly a decade of experience is fast becoming a worthless skill set. Myself and most other unemployed professional geeks will be going back to school, retraining in some other field all together.
The other side of that coin, one that applies to IT people still employed, is that you're only as good as your last mistake. When you're doing your job well, no one knows that you're doing any thing at all. They don't even know you exist until something breaks down and then suddenly you're completely incompetent regardless of how quickly the issue was resolved or even if it wasn't your fault. It might have been the phone company's fault but those stuffy executives in their $3000 suits that can barely operate their blackberries, all they know is that it's a computer problem and you're the computer guy. Get on your knees and pucker up.
I wouldn't recommend the IT industry to any one. You'll get that BA in computer science and whatever certifications they tell you will help and then you'll go to work in some call center doing PC support for $12 an hour, and that's being optimistic since most of that work is outsourced to India where they're paid $5 an hour to do the same thing and happy to get it.