To the architecture gradutes of 2009...
I personally think that architects will just have to reinvent themselves. Right now it seems that M.Arch's are a dime a dozen.
I went straight from undergrad into grad (I have my B.S. in Arch). Many of my teachers and classmates thought that I would not get in, but when I did, I knew that I would give me more leverage in my career.
Graduating next spring with my M.arch will not be easy. I think that many of us are at a crossroads of what we should do with our career.
I have always wanted to be licensed and I will continue with IDP and the exams until I do so...But I now I am in the position to teach so a Phd is an option.
Whatever path we choose if you really love architecture, we will come back to it. We will gripe about our profession, but I've had jobs in engineering and it was not the same. So while many of us struggle, this could be a time when growth and innovations in architecture happen.