I've recently watched my wife (C++ environment) deal with a new-grad (Java-based education.) It's true that pointers are a sticking point -- in the process of being taught Java, they get taught that pointers are bad and dangerous (all hail Java for solving the problem,) and can be made only barely tolerable by using auto_ptr, but really should just be avoided. Yeah, it's a problem, sure.
But the bigger problem we have with new-grads and junior-devs, in general, is the same problem you'd have in any field: they're green. They don't test well, or at all. They don't think designs through. They don't communicate well. They ask too many questions, or maybe worse, they ask too few. They try to fix things that aren't broken. They're bad at estimating task sizes (admittedly, people rarely get much better at that even after decades.) In an attempt to not suck, they reach out for best-practices and apply them zealously and inappropriately. They can't imagine how things will fail, or be abused. They spend too much time fixing small problems, and not enough time fixing big ones. And maybe worst of all, they're under the illusion that what they learned in school ought to prepare them for the workforce, when really it just gets their foot in the door.
We, as their seniors, are the ones that should be spending the time fixing their misconceptions, fleshing our their education, filling their minds with the horrors we've seen, and setting up their work habits. When they fail, it's because we fail to do these things, usually because we brought them in too late in a project, gave them too much responsibility, and are fighting a deadline. So we "just fix it" for them, and they don't learn from the experience, while we gain nothing in terms of productivity from having them.
But if I were to nitpick their education? Databases. Recent grads have little or no understanding of relational databases. Their thinking on organizing data, in general, is fuzzy at best, which impacts more than just database code, it impacts class and API designs, often crippling whole features with incorrect cardinality. It deserves more attention in school. The rest, we can fix in production. =)