^^^^^ Best comment on this topic, so far ^^^^^
I agree with almost everything, except that the situation may not be so dire "out there." Things are turning around faster in IT than in other areas.
The main things I'd add are these:
1.) Agreed.... Start developing iPhone / iPad / Ruby on Rails apps independently, right now.
2.) And if you get a chance, get that CS degree, but continue to try to do job interviews while finishing your CS degree. If you are pursuing a CS degree, maybe you can get something entry-level in IT, for resume building. Perhaps, that company might even finish paying for you to complete your degree. Who knows?
3.) Join some face-to-face users' groups. Maybe you can find a business partner and develop apps together. Maybe you can network. If your apps are good, maybe you can find some VC money.
Just don't give up, if you have the interest.