These geeks still have a chance!
As an IT professional working in an academic environment, it is rather unfortunate that I have to agree with many of the points raised.
However, I can assure you this is not yet a lost cause. Here at The University of Sheffield we have 40+ computer science and software engineering students engaged in our Genesys Solutions module each year (plus a few additional students from other disciplines). The students are supported by epiGenesys, a University spin-out company, and deliver software solutions for real clients. They also program using Ruby on Rails, definitely not Java!
More info here: http://www.genesys.shef.ac.uk