I'll just add my 'me too' to this thread.
If it were a numbers game, then no studio would be hiring, as they'd have plenty of fresh graduates from any given 3d school to pick from.
However just about _every_ studio I know of is desperate for talent, yet can't find anyone. Having a diploma from the [insert name] school of 3d and a maya t-shirt does NOT get you a job, yet that's what 99% of the 3d animation community seems to believe.
Having a reel that doesn't suck will get you a job, simple. Doesn't even have to be drop dead killer, just not sucky. Don't worry, if you're driven, you'll find work.
-matt