The landscape of computing jobs has changed substantially since CS was introduced. The number of specialized jobs has exploded, and many don't rely on the generalized knowledge in the same way--the needs are more specific, and there are interdisciplinary components that aren't necessarily covered in the CS degree itself that are part of specialized programs. However, I also think the number of CS general jobs has grown. They just haven't grown anywhere near the degree of the specializations. I use a bunch of my CS degree, partly due to the nature of my work within and around game engines. Some stuff I don't need to worry about anymore (like dealing with algorithms for optimizing reads of data from DVDs and BluRay), but new challenges and opportunities are constantly surfacing. One of the issues we've had with hiring new people is they claim to know a language but do not understand how the underlying implementation works, resulting in problems with what is produced. It depends on the work you want to do. If you are going to invest in any degree, particularly one that leads to a narrower field, make sure it is what you want to do every day.